The current sellers, Bill and Carol Atherton, purchased thebuilding from the bank in 1990 for $500,000. It is currently hometo the Oregon Maritime Center & Museum, as well as othernonprofits and attorneys' offices.
Michael Kapnick of Marcus & Millichap represented theAthertons early on in the deal. Gold was represented by Cushman& Wakefield's Bill Burton, who says he officially closed bothsides of the transaction after paying Kapnick his commissionearly.
Current rents in the building are below market rates, Kapnicktells GlobeSt. The attorney offices are paying in the $12 per sfrange, while the nonprofits are paying between $5 per sf and $7 persf. Most of the rents are coming up for renegotiation in the next18 months, and will most likely be increased by Gold to raise hiscapitalization rate, says Kapnick.
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