Board Of Trade Building Price Nearly Doubles In Two Years
San Francisco's New Urban Properties sold the Board of Trade Building in Downtown Portland recently, receiving $18M from Kensington Investment Group for the 88k SF property dating from 1909. That's quite a deal for New Urban—the company bought the property at the end of 2014 for not quite $10M, the Portland Business Journal reports.
The property is only about 65% occupied, with tenants that include Dao Architecture, Basic Rights Oregon and the Oregon Public Health Institute. Kensington plans to spend a few more million to upgrade the empty spaces with an open floor concept. The work, according to the buyer, will also "preserve the historic character of the building while upgrading the common areas and converting older office suites into turnkey open collaborative spaces." [PBJ]
