A Silicon Valley real estate firm has quietly closed on Portland’s former Union Bank tower, a 15-story downtown block that now has investors and neighbors wondering whether it will be repurposed as a data center. Menlo Equities took ownership of the building at 707 SW Washington Street on May 21, 2026, ending a four-decade run of Melvin Mark ownership and prompting fresh questions about downtown reuse.
The sale was first reported by The Oregonian/OregonLive, which notes that the deed did not disclose a sale price and lists the transfer date as May 21. The tower, long known as the Union Bank Tower and recently rebadged OnPoint Plaza after OnPoint Community Credit Union signed a 17,000-square-foot lease last year, has the kind of central location and floor plates that industry players say can make older office buildings candidates for telecom reuse.
Menlo’s data-center play
Menlo Equities has been steadily expanding into digital-infrastructure real estate and already owns a purpose-built facility in Portland’s Brewery Blocks, according to its Menlo Equities property page. Industry coverage notes that Menlo has launched a dedicated data-center platform and is pursuing a large multi-site pipeline of megawatt projects, per Data Center Dynamics.
Downtown office market context
The move fits a broader pattern of markdown office trades as investors reposition aging towers for new uses. In April, Hoodline reported the Black Box tower sale in a deal tied to distressed debt, underscoring how buyers are assembling large downtown blocks at reduced prices.
Why this building might work
Turning an office tower into a data center requires heavy electrical upgrades, robust cooling and direct fiber access, not just open floor plates. Filings with the SEC and industry listings identify the Pittock Block as one of downtown Portland’s carrier hotels and meet-me locations, meaning the telecom spine capable of supporting a downtown data use already exists nearby.
Owners' statements
Greg Goodman, one of the buyers, told The Oregonian/OregonLive the buyer was "the right steward for the building’s next chapter." Jim Mark added that "this building has been part of the Melvin Mark portfolio for four decades, and we take tremendous pride in what our ownership with the Goodman family accomplished here."
What comes next
Menlo has not outlined public plans for the tower and the deed did not disclose purchase terms, so any conversion would begin with utility agreements, engineering studies and permit filings. For downtown Portland the transaction is another sign that investors are increasingly looking beyond traditional office uses to find buyers willing to pay for power, cooling and connectivity.
