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Portland Office Building Headed to Foreclosure Auction

One of Portland’s recognizable office buildings is scheduled to go up for a foreclosure auction as the downtown market continues to struggle. The J.K. Gill Building, located at 408 S.W. Fifth Avenue, is slated for a foreclosure auction on November 13, reported the Portland Business Journal.

In 2018, Multnomah County sold the property to developer Urban Renaissance Group (URG) and private equity firm Gaw Capital for $9.85 million. Owners renamed it the J.K. Gill Building, with plans for 100,000 square feet of office space.

In 2019, URG took out a $27 million loan from First Interstate Bank, scheduled to mature in December 2022, according to the outlet. In March 2023, Multnomah County Circuit Court placed J.K. Gill into receivership, appointing J. Fanelli Properties as the receiver. But in June, First Interstate filed a notice of default and election to sell, declaring approximately $22 million in remaining debt immediately due.


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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.