PORTLAND-The Portland Opera secured its future digs this week. The nonprofit paid Meredith Corp. $5 million for the 45,000-sf former KPTV-12 building and an adjacent parking lot. The property is located on the east bank of the Willamette River, next to the Oregon Museum of Science and Industry, better known as OMSI. Meredith Corp. built the building for its television news organization in 1996 for $8 million. The property’s latest assessed value came in at around $6 million. As Portland Opera is a nonprofit, the million-dollar difference between the sale price and the value is considered a tax deductible contribution.

Portland opera General Director Robert Bailey tells GlobeSt.com that the 12,000-sf second floor will be marketed for lease until the Opera grows into the space. “We are pricing the space very very competitively with the idea we can get a tenant in there quickly,” says Bailey. “We have a couple of very interested parties.” Macadam Forbes’ Greg Burpee, who represented the Opera in the acquisition, has the leasing assignment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.