X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PORTLAND-An LLC that includes a Portland lawyer entered the winning bid Wednesday for Capital Center, a three-story, 20,514-sf office building at 2300 SW First Ave. The bidding started at $2.54 million; the winning bid was $2.95 million.

S2G LLC, which includes Portland lawyer John Stewart, made the winning bid in US District Court. Judge Garr King handled the auction, as he is also handling several civil lawsuits against Capital Consultants and Grayson, its founder.

Portland Lawyer John Stewart confirmed for GlobeSt.com Thursday afternoon that his law firm, Stewart, Sokol & Gray, will ultimately occupy the space, though he does not know when. The firm is currently located at 1 SW Columbia in Downtown Portland.

Capital Consultants was handed over to a court-appointed receiver last fall following charges by the US Dept. of Labor and the Securities and Exchange Commission. The agencies accuse Capital Consultants and Grayson of covering up more than $300 million in client losses from failed investments.

The court-appointed receiver is liquidating Capital Consultants assets. Capital Consultants owned 49% of Capital Center, which was built in 1971. Grayson, who owned the other 51%, reportedly objected to the sale initially, but later relented.

CB Richard Ellis broker Lou Lauman, exclusive listing agent for Capital Center, tells GlobeSt.com that bidding for the property started at $2.54 million because the receiver, Tom Lennon of San Diego, had entered into a purchase and sale agreement with S2G LLC for that amount–subject to the results of the auction. At the auction, S2G LLC had to outbid its own purchase and sale agreement by about $500,000 in the face of two other bidders, the names of whom Lauman chose not to reveal.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.