The historical building, extensively updated in 1989, is located at the corner of Main and Sixth streets. It is broken up into "a bunch of tiny offices" and about 30% occupied, Erich Kasch tells GlobeSt. Kasch hopes to consolidate the existing tenants on a couple of floors in hopes of attracting one or two full-floor tenants. Irby, who owned the circa 1912 building for 10 years, operates a pawnshop on the first floor that comes with a three-year lease. Full service lease rates in the building are expected to be around $15/sf, but "every deal is negotiated," says Fraser.

"A lot is going here that 99% of people who live in Portland don't know about," adds Fraser, explaining that Kasch acquired the building in part because of the upside potential created by the extensive redevelopment going on in downtown Vancouver. For starters, across the street from the Heritage Building, George Killian is developing a $26 million retail building that will be anchored by West Coast Bank.

Elsewhere in downtown, the city has renovated a downtown park, partnered on a retail-residential project, and enticed the Belbadi Group, an international corporation based in the United Arab Emirates, to back backing a $60 million development called VancouverCenter. The project includes apartments, condominiums, retail and 100,000 sf of office space on a vacant downtown superblock. Finally, another six city blocks are slated for conversion into a hotel and convention center.