An East Coast private investment firm has bought downtown Portland's Wells Fargo Center from its namesake bank.

Starwood Capital Group, headquartered in Greenwich, Connecticut, will add the property to its $55 billion portfolio, largely made up of real estate investments throughout the world. Terms of the deal were not disclosed.

The purchase includes the 40-story tower at Southwest Fifth Avenue and Jefferson Street, as well as the adjacent five-story building connected to the tower via a skybridge. In June, Wells Fargo announced plans to sell the buildings and relocate some of the 900 employees working there to other local offices.

The bank said it already leases 40 percent of the tower to other companies, and will lease back some space following the sale. It also said the Wells Fargo Center, at 1300 S.W. Fifth Ave., will retain its name.

County tax records put the value of the tower at $163 million, and the adjacent property's at $33 million.

According to a statement, Starwood plans to remodel the lobbies and entries of the tower. It also plans to add conference facilities, a tenant lounge, retail areas, a fitness center and a bike hub.

At 546 feet, the marble tower is Oregon's tallest building. It was built in 1972 and opened as First National Bank Tower.

This isn't Starwood's first Portland investment. The firm sold Block 300 – an office building at Southwest First Avenue and Stark Street – in July 2015 for more than $155 million, according to one of its brochures. That sale set a record for Portland office property.

-- Anna Marum

amarum@oregonian.com

503-294-5911

@annamarum

Oregonian reporter Mike Rogoway contributed to this story.