Real-estate company ScanlanKemperBard Companies announced the acquisition Friday.
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
ScanlanKemperBard Companies, a real-estate merchant, announced the acquisition Friday.
Described as “iconic,” the 19-story office property was bought for $88 million by SKB.
The company expressed excitement in a news release announcing the transaction:
“We’re excited to have this rare opportunity to purchase what was once arguably downtown Portland’s most desirable office property,” said SKB President and Principal Todd Gooding. “We plan to invest heavily in renovations that will return the landmark to prominence and provide vastly improved office space options in an increasingly tight ‘Class A’ market.”
The release continued, running down the features of the central finance district landmark:
- A “Class A” office tower totaling 253,023 square feet of office and retail space spread over 19 floors with panoramic views of Mount Hood, the Willamette River and the surrounding hills. KOIN Center is part of a larger, 34-story mixed use project, which also includes the separately-owned, high-end residential condominiums and the local CBS affiliate television studio.
- Widely regarded for its architecturally distinct design, highlighted by a brick and limestone façade with gradual step-backs, and a galvanized steel crown and spire top, the property serves as a vital anchor of the Portland skyline.
- At the southern end of downtown Portland, the property has immediate access out of the city via Interstates 5 and 405 and is located only two blocks from a MAX light rail station.
- Property amenities include numerous dining options, a fitness center and a conference room/business center.
- With efficient floor plans totaling 20,000 square feet per floor, the property offers flexibility for multitenant and full-floor users.
- Property is currently 84% leased with a balanced tenant base of small, mid and large-sized users, representing a range of industry sectors, including finance, law, marketing and consulting.
SKB plans to invest $4.3 million in capital improvements, including renovations to the lobby, bike lockers, elevator lobbies, restrooms, and to create white-shell spec suites with open floor plans. According to Kurt Nelson, Senior VP of Acquisitions, who led the acquisition team on the KOIN Center, “the upgrades will improve the property’s overall appeal and position the KOIN Center to improve its tenant base.”
The Portland purchase was not the only western property the group announced Friday as it also made known the $91.5 million purchase of a six-building office campus in Denver.
In Hillsboro, a developer has gotten the green light on building a Chick-Fil-A.
OregonLive.com reported on the controversial fast food restaurant opening its first Oregon holding:
The restaurant is slated for the Tanasbourne neighborhood, at 2865 N.W. Town Center Drive – just southeast of U.S. 26’s interchange with Northwest 185th Avenue. The 5,000-square foot building would have a drive-thru window and an outdoor seating area, according to planning documents.
Chick-fil-A’s official website suggests that there are no current locations in Oregon. Founded by S. Truett Cathy near Atlanta in 1946, the chain became known for being closed on Sundays, a practice that stands today because of Cathy’s religious devotion.
