AT A GLANCE:
- A Nevada company has paid more than $10 million for the Five Oak building
- Swickard Group previously acquired the U.S. Bancorp Tower in downtown
- The purchase was made in cash without debt or institutional financing
- Unico Properties is the property manager for both Five Oak and ‘Big Pink’
U.S. Bancorp Tower owner Jeff Swickard has purchased another downtown Portland office building, and he said he’s not done yet.
Swickard has closed on the eight-story, 266,664-square-foot Five Oak building, at 421 S.W. Oak St., for “a little over $10 million,” he said. Swickard Group bought the building from a group of creditors led by Nuveen. Five Oak was constructed in 1944 and then renovated in 2005.
The purchase comes only seven months after Swickard purchased the U.S. Bancorp Tower, better known as “Big Pink.” The buildings are almost directly adjacent to each other…