SKB, Tryba and Lorentz Bruun acquire 1805 SE Martin Luther King Jr. Blvd.
(Portland, OR) ScanlanKemperBard Companies (“SKB”), in partnership with Tryba Architects (“Tryba”) and the principals of Lorentz Bruun Construction, the Bruun Family (“Lorentz Bruun”), announced they have closed on 1805 SE MLK Blvd., a 46,000 square foot (“SF”), 2-story vintage industrial building in Portland’s Central Eastside.
Originally the home of Morehouse Glass, the property is 1960s vintage concrete construction with 20′ high ceilings, original glulam beams and concrete floors. Planned renovations will maintain the property’s authentic character while adding a modern yet gritty aesthetic, designed to cater to creative craft manufacturing, advanced manufacturing and office users requiring 2,500–5,000 SF suites.
The property was acquired for $6.3 million ($136 PSF), and SKB, Tryba and Lorentz Bruun will invest another $8.9 million in renovations for a total project cost of $15.2 million.
Located in the heart of the Innovation Quadrant, the project will be rebranded as “The Glass Lab” to pay homage to the building’s historic use as a glass factory.
The project will also benefit from its location within Prosper Portland’s Enterprise Zone and E- commerce overlay, which will provide meaningful financial incentives to tenants willing to adopt practices that promote community, equity and education. Given these financial incentives, and the project’s proximity to OMSI and Portland Community College’s Climb Center, SKB anticipates attracting tenants that see the significant long-term benefit in socially responsible business practices, particularly those that support community-oriented educational opportunities in Science, Technology, Engineering, Arts and Math (STEAM) and Career Technical Education (CTE).
The acquisition marks the second acquisition the group has made within the Innovation Quadrant, the first being a 26,000 SF site across from The Glass Lab, acquired in early 2017, which is currently in the planning stages for the development of a 140,000 SF innovative office project.
“We strive to be a leader in bringing education and industry together in a way that is programmatically reflective of real life experience,” said Todd Gooding, President of SKB. “Combined with our development site across the street, we will provide a meaningful opportunity to the private sector to participate in the active development of our next generation of workforce innovators.”
We are extremely proud of our continuing partnership with SKB in Portland and across the Western United States. 1805 SE MLK will be strong addition to the Central Eastside, creating new opportunities for employment, entrepreneurship and innovation in one of Portland’s most dynamic neighborhoods,” added David Tryba, founder and Lead Design Principal of Tryba Architects.
SKB is an established real estate merchant banking firm that acquires, develops and manages value-add and opportunistic office, retail, industrial and mixed-use properties in the Western United States. Since its inception in 1993, SKB has originated total portfolio activity of $4.19 billion, comprised of 28.3 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.
Tryba Architects is a nationally recognized design and real estate investment firm that specializes in the full integration of architecture, urban design and planning. Throughout its 30- year history, Tryba has earned a strong reputation for shaping thriving urban neighborhoods, including a rich history of blending environmentally responsible design and purposeful programming with adaptive re-use opportunities to create truly authentic places. Tryba has partnered with its clients to design over $3 billion of built work, including numerous technology and creative-focused mixed-use urban developments. For additional information about Tryba Architects, please visit www.trybaarchitects.com.
About Lorentz Bruun
Lorentz Bruun brings the expertise, experience and commitment necessary to effectively collaborate with the rest of the design team to achieve success for the property. Founded in 1946 immediately after the end of World War II, this third-generation family owned construction company has continued the tradition of providing the highest quality construction and restoration services. Headquartered in Portland, Oregon and conducting construction operations throughout the Northwest and West Coast, Lorentz Bruun has a reputation of quality, integrity and value-maximization, as 90% of its business is generated from returning clients and client referrals. Learn more about Lorentz Bruun by visiting their website at www.bruunconstruction.com/.