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Posts Tagged ‘water tower’

BACK TO THE DRAWING TABLE FOR PARK AVENUE WEST

The big news late last week was the announcement of the halt on construction for the Park Avenue West Office Tower located across from the downtown Nordstroms. While this news was not entirely unexpected in the commercial real estate community (we have been concerned about financing for months now) it was still a major blow to the positive energy supporting Portland’s steady office market. 

The next question will be whether major law firm and anchor tenant Stoel Rives will remain with the project or pull the trigger on an option to back out of their commitment to lease nearly 160,000 SF in the building. Nike has also committed their new store location to this project and could reconsider as well (perhaps the new Zell space in Pacific Center would be a good alternative?). 

Regardless, it is clear that the developer, TMT, will be removing any reference to “condominium” in the redesign of this project (which will take the building from 32 stories to around 22-25), as that word has become the perverbial “black cloud” in real estate and no doubt a hinderance in securing further financing.

MediaDex (traditional|digital|research)

Central Business District

Steelhead Advertising – The Elizabeth | 333 NW 9th Ave | 2,735 SF

Sasquatch Advertising – Water Tower | 5330 SW Macadam Ave | 2,100 SF

HealthDex (hospital/provider|managed care|equipment)

Eastside

Back in Action PT – 2119 NE Halsey | 1,134 SF

Westside

Dr. Irina Moga – 4970 SW Main St. | Beaverton | 2,478 SF

GeneralBizDex (mgmt consulting|finance|insurance)

Vancouver

Gold Savings Bank – First Pacific Place | 7720 NE Vancouver Mall | 2,626 SF

Eastside

Express Employment Professionals – Gresham Sq | 120 NW Burnside | 1,562 SF

Farmers Insurance – Sayler Building | 10415 SE Stark St | 2,194 SF

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Local Real Estate Fund Hits Wall

 According to an article in the Saturday edition of the Oregonian, SKB will be halting all payments from a private equity fund to investors.  SKB (ScanlanKemperBard Companies) is a well-known real estate firm with a portfolio of properties covering the West Coast. SKB was in the news last September for the sale of four commercial properties that included the American Bank Building in downtown Portland for just over $63M.   This recent announcement is a significant change in position from just one year ago, when SKB was successfully raising money for a new fund and demonstrates how the economic conditions are rapidly spreading beyond banking and the automotive industry.  

TechDex (apps|provider|hardware|var)

Central Business District

OpenOnline – Water Tower | 5330 SW Macadam Ave. | 1,247 SF

Westside

Witt Company – Barbur Biz Ctr | 9570 SW Barbur Blvd | 4,140 SF

Vancouver

J/FIT.com – 900 Tech Center Dr.  Bldg 28 | 4,000 SF

MediaDex (traditional|digital|research)

Central Business District

Unifusion – Morrison Plaza | 1411 SW Morrison St. | 2,024 SF

Citrus – Olympic Mills Com. Ctr. | 107 SE Washington St. | 3,650 SF

HealthDex (hospital/provider|managed care|product provider)

Central Business District

Senior Info Center – River Forum 1 | 4380 SW Macadam Ave. | 1,118 SF

Pacific Medical Inc. – 2675 NW Thurman St. | 2,225 SF

Westside

Legacy Health System – Pollock Building | 412 “A” Ave. | 7,300 SF

Westlake Chiropractic – Westlake Village | 14511 Westlake Dr. | 1,872 SF

Eastside

Kaiser Foundation – One Town Ctr | 10163 SE Sunnyside Rd. | 6,806 SF

Parrott Creek Child/Family Svs – 1001 Molalla Ave. | 2,443 SF

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