GlobeSt.com UPDATE: Schnitzer Reveals PGT Purchase Price, Confirms New Anchor

PORTLAND, OR-Schnitzer Investment Corp announced Thursday night that it paid $19 million for the 103,000-sf PGT Tower, an eight story office building on the southeast edge of Downtown, adjacent the Marquam Bridge and Schnitzer’s undeveloped North Macadam property.

The sale price is more than $2 million below the $21.2 million Multnomah County estimated the land and building was worth last year. Then again, the purchase price still translates to at least $184 per sf — $191 if you only divide it by the 99,000 sf of rentable space — which is very close to replacement cost in this market.

Schnitzer also said the design and consulting firm Dave Evans & Assoc. will lease two thirds of the building beginning in January, and that another lease is in the works that will bring the building to 90% occupancy. The Dave Evans lease lets Enron out of the remaining years on its lease, which was for the entire building. Enron Broadband Services was subleasing the building from PG&E, which also is freed from its commitment to the building, which Schnitzer renamed the 2100 River Parkway Building.