SKB acquires the iconic US Bank Block in the Portland CBD for $40 million.
Portland, OR. (November 11, 2014) — Portland-based real estate merchant banking firm ScanlanKemperBard Companies (SKB) announced today the acquisition of the Historic US Bank Block, an iconic, 208,365-square-foot, 12-story office property in Portland’s Central Business District.
“We’re pleased to be able to grow our portfolio with a strategic acquisition in Portland,” said SKB President and Principal Todd Gooding. “The market continues to show tremendous growth and promise and for the first time in Portland’s history, the Class B office market is tighter than the Class A market, presenting strong opportunities like the US National Bank Block.”
With a purchase price of $40 million ($192 per square foot), market strengths and property features of the US Bank Block in Portland include:
SKB plans to complete $3 million of capital improvements and deferred maintenance including upgrades to individual floor common areas and bathrooms, the lobby, elevator cabs and cleaning and painting the exterior of the property.