Portland, Oreg. (October 10, 2023) – Located in Portland’s rapidly transforming Central Eastside, 17,475 square feet of Class A office space is now available for lease in the historic Troy Laundry Building (1025 SE Pine Street). Kidder Mathews brokers Sean McCarthy and Grant Guernsey are managing leasing of the creative office space at the dynamic mixed-use redevelopment. Prospective tenant(s) will share the redevelopment with Soho House Portland, a private members club and the brand’s first House in the Pacific Northwest, and Memoir Residential, a 132-unit design-forward multifamily property.
The historic Troy Laundry Building has been thoughtfully restored by Nashville-based Adventurous Journeys (“AJ”) Capital Partners, an integrated real estate investment manager with a portfolio of timeless businesses and brand platforms. Constructed in the early 1900s as a laundry facility, the building is an iconic fixture in the heart of the Central Eastside business district — one of the city’s most vibrant submarkets. The property features 24/7 on-site security and is situated within blocks of award-winning dining destinations, major freeways, and some of Portland’s leading companies at Burnside Bridgehead.
The Offices at Troy Laundry offer two adaptable open floor plans for tenant customization:
First Floor Office
8,100 square feet
16’ ceiling height
Historic timber construction
Seismically updated space
Expansive winder line
Private entry available
Can be leased on its own
Lower-Level Office
9,375 square feet
13’ ceiling height
Ground windows providing natural light
Potential to connect both floors with internal stairwell
The Troy Laundry Building is in Portland’s Enterprise Zone. The Oregon E-zone Program is a state economic development program that allows property tax exemptions for up to five years in exchange for certain public benefits. Participating firms are required to meet the program requirements set by state statute and the local sponsor. The Portland Enterprise Zone exists primarily to incentivize firms to invest major capital outlays and to create or retain quality jobs by offering property tax exemptions designed to encourage existing and new businesses. Prosper Portland’s engagement with dozens of nonprofits related to entrepreneurship, workforce development, education, social justice, and community building allows businesses to quickly find the right partnerships to succeed in meeting public benefits.
“The revitalized Troy Laundry Building is a vision of the future, where office employees, residents, and guests can thrive in a vibrant and welcoming community,” says Kyle Allen, Senior Vice President at AJ Capital Partners. “We are thrilled to be at the forefront of this groundbreaking project, and we know that Kidder Mathews’ expertise in attracting top businesses will make our intention behind this project a reality.”
“Sean and I are excited to bring this innovative project to the market with the AJ Capital Partners team. This is a huge step in the right direction for Portland as the city continues to grow,” said Grant Guernsey of Kidder Mathews. “The Troy Laundry Building has already attracted an impressive tenant list and is proving to be a great opportunity for Portland’s creatives and influencers to collaborate in a hospitality-driven environment.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually.
About Adventurous Journeys Capital Partners®
Adventurous Journeys Capital Partners (“AJ Capital Partners” or “AJ”) is a vertically integrated real estate investment manager with a portfolio of timeless businesses and brand platforms. AJ Capital Partners’ portfolio includes hotels, multi-family apartments, creative office, single-family rentals, retail, and entertainment venues. AJ Capital Partners anchors developments in the core principles of hospitality, placemaking, and residentially inspired design, applying the firm’s deeply rooted hospitality expertise to every project, including 100+ portfolio assets, across 50+ markets worldwide, and owns and operates multiple brands such as Graduate Hotels, a collection of handcrafted hotels in university communities internationally.
About Existing Tenants
Soho House – Founded in 1995 by Nick Jones, Soho House is a place for our diverse members to connect, grow, have fun, and make an impact. Today, there are members and Houses around the world, as well as restaurants, spas, workspaces, and cinemas. Soho House is a platform that fosters creativity in all its forms, a place where people can share ideas and make connections in physical and digital spaces. Soho House is part of Soho House & Co. Inc.’s portfolio.
Memoir Residential – A new chapter in contemporary urban living, soon to offer thoughtfully designed, flexible residential leasing options in storied neighborhoods around the U.S. Launched in 2023, Memoir Residential is a lifestyle brand rooted in hospitality. The brand emphasizes design, to create inspired living options and community-driven amenities that reflect the surrounding neighborhood. Memoir Residential is owned and operated by Adventurous Journeys (AJ) Capital Partners, a vertically integrated real estate investment manager and founder of Graduate Hotels, Marine & Lawn Hotels & Resorts, and Field & Stream Lodge Co. The brand will launch residential communities in multiple markets beginning in 2024.
