Beacon Capital has sold the Power + Light Building to Gerding Edlen for $131.5 million, according to Yardi Matrix data. The seller had owned the 16-story property, also known as the Public Service Building, for more than 25 years, paying $3 million for the structure in mid-1992.
The seller had extensively renovated the property in 1999, per Yardi Matrix data, with additional updates completed in 2018. Following the improvements, the building now has an upgraded lobby and a modern amenity mix including a conference center, rooftop deck and fitness center.
For architecture and building fans, the Power + Light Building was designed by A.E. Doyle and originally named the Public Service Building, the third of three similarly Italianate buildings built in Portland by his firm.
Read more about the sale here.