Forum Building on the Market, In Receivership

PORTLAND-The Forum Building, a prime piece of close-in eastside real estate, is coming to market, albeit in receivership. Located two blocks east of the expanding Oregon Convention Center, the 47,659-sf building erected in 1911 has a 14,000-sf footprint on a full-block lot, which means there’s room for additional development.

The building’s anchor tenant is the General Services Administration, which leases space for the National Oceanic and Atmospheric Administration. The building is 100% leased. The list price is $5.5 million and based on current revenues the cap rate is 9.5%, says Roger Qualman of Norris Beggs & Simpson, the court appointed receiver.

Qualman would discuss only generally how the building ended up in receivership, saying that such situations arise when there is “a dispute between lender and borrower.” The broker with the disposition assignment, Chris Johnson of Norris Beggs & Simpson, declined comment for this story.