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:
- Property consists of an entire city block between 6th & Broadway and Stark & Oak, across from The Benson Hotel with three interconnected buildings. The Wells Fargo Tower, built in 1906, was one of Portland’s first skyscrapers. The US Bank Building, built in 1917, still has the original bank boardroom with artifacts from the time it was constructed. And the Motor Bank Building, built in 1956, is the site of the country’s first drive-up bank teller.
- Three-level, 83-stall structured parking garage
- Immediate access to the Max Light Rail, with service from Portland International Airport through Downtown
- Ideal for tenants with high-capacity technology needs, located at the confluence of multiple fiber lines and boasting its own colocation facility (a server room with dedicated security, internet connection and power)
- Property is currently 73 percent occupied and is home to multiple creative tenants including Thetus, Vendscreen, Sitka Technology Group, Oregon Entrepreneurs Network and Small Business Innovations.
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.