By Kate Snyder
One of Portland’s historic buildings has hit the market. The city’s American Bank Building, located in the heart of downtown, is now listed for sale, according to a marketing brochure from CBRE, which has the listing. The building is owned by Lionstone Investments, according to the firm’s website. No asking price has been released.
CBRE’s Tom Pehl, Charles Safley, Chais Lowell, Paige Morgan and Thuy Tran are the brokers for the property.
Located at 621 SW Morrison St., the 183,735 square foot building has been substantially modernized and received both Fitwel and EnergyStar certifications, according to the brochure. Nearly $10 million has been invested into significant capital upgrades and amenities such as the building’s fitness center, bike storage facility, main lobby, common area lobbies, elevators, restrooms, roof and HVAC upgrades.
The American Bank Building is 46 percent leased, according to the brochure, and since the end of 2022, it has filled 15,000 square feet out of its total space with new tenants. The base of the building has 23,000 square feet occupied by long-term leases with CVS, Wells Fargo and Morgan Stanley as well as local retailers Greenleaf Juice and Rose Spa by VouPre. Portland’s TriMet MAX line and Nike’s BikeTown program are also located at the building’s front steps.
Headquartered in Houston, Lionstone Investments was founded in 2001 as a privately-owned real estate investment firm, according to the company’s website. The firm focuses on 17 internationally competitive U.S. markets and has invested in more than 22 million square feet of diversified real estate properties, including mixed-use, multifamily, retail and office. Lionstone services all functions of investing, such as portfolio management, asset management, risk management, analytics and research and acquisitions. The company also has offices in Boston, Los Angeles and Minneapolis.
In November 2017, Lionstone was acquired by Columbia Management Investment Advisers, LLC, a wholly-owned subsidiary of Ameriprise Financial, Inc., according to Lionstone’s website. CMIA operates under the brand name Columbia Threadneedle Investments.
Portland has seen other commercial properties listed for sale recently.
Two buildings in the city’s mixed-use Cascade Station development have been put on the market for sale, according to previous reporting from The Registry. JLL is handling the listing. The property consists of two Class A suburban offices totaling 128,073 square feet and is owned by the Port of Portland. No guidance pricing has been released. The buildings listed for sale, Cascade Station I and II, are located at 9600 and 9500 NE Cascades Parkway.
