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Portland's tallest skyscraper for sale for 80% less than it sold for 10 years ago
Posted on 5/27/25 at 3:23 pm
Posted on 5/27/25 at 3:23 pm
Big Pink for Sale
This is what you get when you have a pandemic and dump on top of it local policy that accepts and even encourages the destruction of quality-of-life for normal taxpaying citizens. So you can now own a 42 story office tower for just $70MM (asking price).
Apparently the building is half empty and Portland has a 35% vacancy rate for offices, highest in the largest 25 cities.
Sir Winston, help us understand what's going on, mate.
This is what you get when you have a pandemic and dump on top of it local policy that accepts and even encourages the destruction of quality-of-life for normal taxpaying citizens. So you can now own a 42 story office tower for just $70MM (asking price).
quote:
The 42-story U.S. Bancorp Tower on Southwest 5th Avenue at West Burnside Street went on sale this week, as first reported by The Oregonian, after hemorrhaging tenants for the past few years.
Apparently the building is half empty and Portland has a 35% vacancy rate for offices, highest in the largest 25 cities.
quote:
The building’s owners, Seattle-based Unico Properties and a unit of Swiss banking giant UBS, are asking $70 million, according to the Journal, 80% less than the owners paid a decade ago.
quote:
The building, where tenants have complained in court papers about fentanyl smoke and human feces in public areas, is “a warning for what can happen to once-bustling downtowns if they get caught in the doom loop of losing business,” the Journal said.
Sir Winston, help us understand what's going on, mate.
This post was edited on 5/27/25 at 3:24 pm
13
Posted on 5/27/25 at 3:25 pm to Chucktown_Badger
Saw a homeless couple making sweet love on a park beach at 9am one morning. Nobody batted an eye.
Posted on 5/27/25 at 3:26 pm to Chucktown_Badger
Would buy. Slash rent to just cover maintenance costs and 20 year mortgage. In exchange for low rent, tenants must sign 20 year leases. I’m talking rock bottom rents. No profit. In 20 years, building is paid off. Walk away with at least 70 million.
Posted on 5/27/25 at 3:27 pm to Chucktown_Badger
Work From Home + high Cost of living Area + High Tax area + Homeless and Lawless promotion = Death to Commercial office space lease value......
Posted on 5/27/25 at 3:27 pm to Chucktown_Badger
quote:
Portland's tallest skyscraper for sale for 80% less than it sold for 10 years ago Big Pink for Sale
Looks like 4 in the stink and 1 in the pink.
Posted on 5/27/25 at 3:28 pm to Chucktown_Badger
Why do millenials want to work from home so bad anyway? It’s not like any of them could afford one
Posted on 5/27/25 at 3:33 pm to Chucktown_Badger
It would probably be a helluva an investment unless its in bad shape.....the trend is to return to the office....I know for a certainty there are a couple of HUGE employers in Portland who did not renew leases and huge spaces and are scrambling for space now because their employees have been ordered back to the office.....
Posted on 5/27/25 at 3:35 pm to el Gaucho
quote:
Why do millenials want to work from home so bad anyway? It’s not like any of them could afford one
They are working from their parents basement. Or a table in starbucks.
Posted on 5/27/25 at 3:36 pm to Chucktown_Badger
Portlandia wasn’t a comedy sketch show. It was a season by season documentary.
Posted on 5/27/25 at 3:47 pm to el Gaucho
quote:
Why do millenials want to work from home so bad anyway? It’s not like any of them could afford one
Posted on 5/27/25 at 3:53 pm to Chucktown_Badger
Portland legitimentally managed to find a way to become unsalvagable
San Fran is really bad but SF still has redeemable qualities. Portland is the city in the US that went full retard and said hold my beer and watch this
San Fran is really bad but SF still has redeemable qualities. Portland is the city in the US that went full retard and said hold my beer and watch this
Posted on 5/27/25 at 3:55 pm to UptownJoeBrown
I read some article where a guy who specializes in buying buildings in trouble said even he didn’t have a plan for how to buy it and make it profitable.
Posted on 5/27/25 at 3:59 pm to UptownJoeBrown
quote:
Slash rent to just cover maintenance costs and 20 year mortgage. In exchange for low rent, tenants must sign 20 year leases
The reason the building is so cheap is that no one wants to be a tenant. If you really wanted an innovative way to make money on this it is to buy the building for $70 million (maybe $30 million in equity), then pay a secret security force to brutalize all homeless people within ten blocks of the building. Soon the homeless community would know to stay away from that part of town, and you could then start raising rent and filling that building again.
Posted on 5/27/25 at 3:59 pm to el Gaucho
quote:
Why do millenials want to work from home so bad anyway? It’s not like any of them could afford one
This is Hedberg tier
Posted on 5/27/25 at 4:07 pm to Chucktown_Badger
Good.
They are all going to get what they deserve. Time. Tick tock
They are all going to get what they deserve. Time. Tick tock
Posted on 5/27/25 at 4:10 pm to beerJeep
quote:
Looks like 4 in the stink and 1 in the pink.
It is Portland. This ratio of fingers in stink to pink checks out.
Posted on 5/27/25 at 4:14 pm to Penrod
quote:This makes sense but wouldn't fly in Portland. The local loonies there would protest and burn down the building.
then pay a secret security force to brutalize all homeless people within ten blocks of the building. Soon the homeless community would know to stay away from that part of town, and you could then start raising rent and filling that building again.
Posted on 5/27/25 at 4:14 pm to Fat and Happy
quote:
legitimentally
Posted on 5/27/25 at 4:15 pm to Chucktown_Badger
quote:
42 story office tower for just $70MM
My butler's butler might be interested.
Posted on 5/27/25 at 4:20 pm to Chucktown_Badger
Portland City Grille is a god spot for drinks and a great view of Hood
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