Historic Building Purchased from Multnomah County to Be Renovated, Modernized for Future Commercial Office Spaces
Portland, Ore., January 2, 2019 – Seattle-based commercial real estate firm Urban Renaissance Group (www.urbanrengroup.com) (URG) and real estate private equity firm Gaw Capital USA (www.gawcapital.com) (Gaw USA), through a fund under its management, today announced acquisition of the Gladys McCoy Building in Portland from seller Multnomah County for US $9.85 Million.
Located at 426 Southwest Harvey Milk Street in the heart of Portland’s central business district, the ten-story historic building containing 100,000 sq. ft. of commercial space was purchased through a joint venture partnership between URG and Gaw USA, with renovations tentatively slated to commence in the fall of 2019 and be completed by the spring of 2020.
“As URG continues to pursue both significant renovation projects and ground up development, we couldn’t be more excited about this acquisition,” said URG Vice President, Regional General Manager, Tom Kilbane. “The McCoy Building is in an ideal location with great historic appeal, and we anticipate it will attract a wide range of tenants, from technology to engineering to creative types.”
Historic Building in Portland’s Central Business District
Built in 1923, the McCoy Building was designed by celebrated local architecture firm Sutton & Whitney. The building was commissioned by J.K Gill and occupied by J.K. Gill Company office supply for more than 60 years. Purchased by Multnomah County in 1988, the building currently provides a range of county health services. The County will continue to lease the building through mid- 2019 as part of the transaction.
Modernizing Systems & Amenities While Retaining Historic Character
Following the County’s move-out, the McCoy Building will undergo a full renovation, including a newly-renovated building lobby and new café, modernized elevators, new storefront glass, doors and canopies, exterior paint, re-commissioning of operable windows, new restrooms, spa-grade showers, lockers and bike storage and new mechanical systems.
“This building still holds beautiful original features – double-height first floor ceilings, an open mezzanine, grand staircase and 10,000 sq. ft. floor plates. By investing in the existing character of this historic building, we will ensure it serves Portland for another 100-plus years,” continued Kilbane.
The McCoy Building will be URG’s 3rd major historic renovation in the Portland market.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Gaw Capital Partners
Gaw Capital Partners is a uniquely positioned private equity fund management company that focusing on real estate markets in greater China and other high barrier-to-entry markets globally.
Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with own in-house asset management operating platforms in retail, hospitality, property development and logistics. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, hospitality and logistics warehouses.
Gaw Capital has raised five commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund and also provides services for separate account direct investments globally.
Gaw Capital has raised equity of USD$ 9.8 billion since 2005 and commands assets of USD$ 18.3 billion under management as of Q2 2018.