Office

Historic Bank Block 2022

309 SW 6th Ave, Portland, OR, 97204-1763, US

Historic Bank Block 2022_Property for Sale

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Historic Bank Block 2022 2_Property for Sale

Asset description

Historic Bank Block is a unique value-add opportunity in Portland’s downtown core consisting of the Wells Fargo Building, U.S. Bank Building, and the Motor Bank Building which includes three full floors of structured parking totaling 83 stalls. The Property has undergone extensive renovations that preserve the Property’s historical elements while simultaneously catapulting the asset into the top tier of creative office options, with market-leading elements such as a supersized fitness center, interior courtyard terrace, open, light-filled spaces, expansive city views, and elegant building finishes.


With major renovations completed and tenant-ready space available, new ownership has the opportunity to stabilize the Property with low capital costs while benefiting from the in-place and parking income. As the Portland office market recovers from the Covid-19 Pandemic, Historic Bank Block will capture tenants looking for immediately available, highly-amenitized space - ultimately positioning the asset for a core exit.

Attributes

Building area Net
209,241 sf
Occupancy
38.00%
Year built
1906

Investment highlights

  • Creative CBD repositioning opportunity
  • Ability to deliver a hybrid of creative spaces and historic appeal
  • Rare, large contiguous blocks of available space
  • Optimal CBD located in the center of Portland's tech ecosystem
  • A substantial discount to replacement cost
  • Strong supplemental income through parking, data center, and antenna revenue
  • Best-in-class amenity package
  • 0.38 / 1,000 SF parking ratio
Historic Bank Block 2022 4_Property for Sale
Historic Bank Block 2022 4_Property for Sale

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Last updated
Nov 30, 2022