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Goldman Sachs Asset Management has taken a 78 percent loss on a Pearl District mixed-use building.

Goldman sold the 42,000-square-foot property at 300 N.W. 14^th Ave. in Portland earlier this month for $3.6 million after purchasing the asset for $16.8 million in 2017.

The transaction is the latest sign that Portland’s real estate market continues to aggressively re-price commercial properties at much lower values.

The property, known as the 300 Building, sold to REALM in partnership with HP Investors. REALM describes itself as 鈥渁n exclusive investment collective consisting of more than 100 ultra-high net-worth individuals, family offices and foundations dedicated to direct real estate investing.鈥�

Built in 1946, the 300 Building was extensively renovated in 2012. REALM pointed to the former warehouse’s 鈥渆fficient floor plates鈥� and 34 underground parking spaces.

鈥淩EALM’s latest acquisition of聽300聽NW 14^th聽Ave. in Portland is the epitome of what we look for in an investment 鈥� the ability to purchase a high quality, well-amenitized聽building聽in an excellent location at a compelling basis,鈥� said Travis King, founder and CEO of REALM, in a prepared statement. 鈥淩EALM is excited to grow its presence in the Portland market, which offers an attractive quality of life and vibrant culture, which should continue to drive momentum and business expansion going forward.鈥�

REALM will look to restructure existing leases, implement targeted building upgrades and adjust rents to market where feasible, according to the investment group.

The property 鈥減rovides an immediate, high in-place cash yield with limited capital requirements, offering meaningful downside protection,鈥� the company stated.

The transaction, which was recorded in Multnomah County on Dec. 12, values the 300 Building at approximately $86 per square foot.