GlobeSt.com UPDATE: Lehman Brothers Takes Back 320,000-SF Pearl Tech Center

PORTLAND-Confirming an earlier GlobeSt.com report, title records show that for $17.8 million Lehman Brothers has taken possession of Pearl Technology Center, a failed 320,000-sf telco hotel conversion in Northwest Portland for which it was the lender.

Lehman was the lender on the acquisition, but the market never materialized and in August 2001 GlobeSt.com reported that sources in a position to know about the project said FowlerFlanagan hadn’t been making loan payments and was trying to refinance or find additional backing to stay out of bankruptcy. Last week, sources told GlobeSt.com that DPR Construction had a $3.5-million lien against the property and that Lehman Bros., the lender on the project, was now in control of the building and has several heads together exploring options for the property.

The title information, provided by Real Capital Analytics of New York City, confirms the ownership but does not answer the question of whether DPR has been taken care of. A DPR spokesman could not be reached for comment this week, but last week declined to confirm or deny the lien. Bill Ahearn of Lehman Brothers continues to eschew GlobeSt.com requests for information about the company’s involvement in the property, the address for which is 1415 NW Hoyt St.