The facility’s total price tag: $42.6 million.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The iconic White Stag Block building in Old Town in Portland has been sold to the University of Oregon Foundation.
The facility’s total price tag: $42.6 million.
The White Stag Block includes the Bickel Block Building, the Skidmore Block Building and the White Stag Building. The facility, at the west end of the Burnside Bridge between Northwest 1st Avenue and Northwest Naito Parkway, is the home of the well-known “Portland Oregon” neon sign visible to motorists and pedestrians crossing the bridge as well as vehicles across the river on Interstate 5.
The university moved into the facility as anchor tenant in 2008, after a $30 million renovation, said Craig Kelly, the previous owner and the president of developer Venerable Group Inc.
The university occupies more than 70 percent of the 137,000-square-foot location, Kelly said. Students there are working toward master’s degrees in architecture, strategic communication, business administration, sports product management, law and multimedia journalism, according to the university’s website.
(SOURCE: OregonLive.com)
The sale closed Wednesday.
“It is the crown jewel of the Venerable empire,” Kelly said. “It is bittersweet, though, because for Art and I, this was one of our children. It’s like a link to my friend that will no longer really be there.”
…
“I think it’s just a reaffirmation of their commitment to the Portland area and the market,” he said. “I expect that they’re looking to continue to expand their presence here, and I know they will be great stewards of the property.”
(SOURCE: Portland Business Journal)
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