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January 16, 2019
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Historic Courthouse Property in Portland Sells for $28 Mil

12/10/18

Portland’s historic Central Courthouse property was acquired by locally-based NBP Capital LLC for $28 mil. The century-old building, located at 1021 SW 4th Ave in the city’s downtown, is listed on the National Register of Historic Places.

The 323.5k sf building was sold by Multnomah County. The property is currently home to Multnomah County’s court operations, and the County will continue to lease the property until completion of its new Central Courthouse at SW 1st Avenue and SW Madison Street in 2020.

The eight-story, neo-classical building was constructed between 1909 and 1914. The County Courthouse has large floor plates above 30k sf and flexible CXd Zoning allowing for a variety of commercial uses.

Charles Safley and Graham Taylor of CBRE’s Portland office represented Multnomah County in the sale.

“The per square foot sale price we received for the old courthouse was strong for a historic building in Portland,” said Bob Leek, interim director of Multnomah County’s Department of County Assets. “The County was pleased to get a good value for the asset, reflecting the healthy local real estate market.”

“The Multnomah County Courthouse received a tremendous reception from the investment community. At the time of sale, this was the largest opportunistic conversion project west of Denver in any major urban area. Our marketing efforts garnered more than 170 unique buyer confidentiality agreements, which is an extraordinary response,” said Charles Safley, First Vice President, CBRE.

Key terms of the lease include:
• Zero base rent for 24 months from closing date: two 2-month extension options, $50,000 and $100,000 base rent per month, respectively.
• County to pay all insurance, taxes, maintenance and operations expenses during lease.




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