The two companies paid $1.425 million for the 18,000-sf, two-story building located at 733 SW Oak St., according to Oregon Title. They did so under the alias Guthrie Balfour LCC, in deference to the Balfour-Guthrie Company, which developed the building in 1913 and occupied it until 1957. The seller was listed as S&G Properties.

Now called the Oak Park Building, it is on the City of Portland's List of Historic Resources and is currently in the application process to be designated on the National Register of Historic Places. The building is being restored to its original condition, including the unique sandstone exterior. The cost of the renovation was not disclosed.

The building is consists of three floors, two above ground and one below. Up to 10,000 sf of space is being marketed for lease, says Norris Beggs & Simpson broker Doug Jones, who handled both sides of the acquisition and will be marketing the space. "Small buildings in downtown Portland are extremely hard to find, especially buildings with historic landmark status like the Oak Park Building," says Jones.