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SKB JV Acquires Pair of Historic Brick & Beam Buildings in PDX’s Old Town District
ScanlanKemperBard (SKB) formed a joint venture with Harbert Management Corporation and acquired the Mason Ehrman Building and Annex, located in Portland’s historic Old Town District. The assets were acquired off-market from an entity related to Gaw Capital reportedly for $25 million.
The Mason Ehrman Building and Annex include 97,006 square-feet of office space. It consists of a seven-story, 69,796-square-foot tower built in 1908, and an attached, two-story, 27,210-square-foot annex building.
The assets presented a significant opportunity to acquire a best-in-class, historic office project with limited required additional capital expenditures. SKB’s business plan includes a strategic lease-up plan and enhancements to the property amenities, which includes the construction of a rooftop deck, adding another 3,000 of rentable square feet.
SKB’s Todd Gooding says, “With the recent seismic upgrade, this property in the Old Town District of Portland is arguably the best example of a redeveloped brick and timber building in all of Portland, which we are pleased to add to our growing portfolio.”
SHS Advisors’ Marc Spiegelman represented both the buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
