Built in 1912 at the corner of Broadway and Washington indowntown Portland, the building has 17,000 sf floor plates and isabout 94% occupied with little near-term rollover. Restaurantoperator McCormick & Schmick's leases more than a full floor inthe building for its corporate headquarters, as does BooraArchitects. Quantec, an analytics consulting firm, also leases afull floor in the building, and insurance broker Durham & Batesleases about 10,000 sf. The advertised lease rate under the newownership will be $23.50 per sf per year, fully serviced.

"The combination of full-floor and smaller tenants is a goodmix," Urban Renaissance founder Pat Callahan, previously theregional executive for Equity Office, tells GlobeSt.com. "We alsolike the retail in that location a lot; Broadway is a key retailstreet."

Callahan says he is a believer in Downtown Portland and expectsthat over the next 10 years it will see more than its fair share ofabsorption. "Portland is behind some other markets in terms ofoffice rental rate growth," he says. "We believe it will followthose other markets, which include other West Coast markets andother cities with similar Downtowns that offer such a vibrant,pedestrian and evening experience because that type of activitydrives office location decisions."