Melvin Mark acquired the 175,000-SF building and an associated parking garage from the state in 1992 for $11 million, according to property records provided by Oregon Title Insurance Co. In 2000, after several years of the building being used as transitional office space for companies seismically retrofitting their own buildings, the company invested $9 million to substantially renovate of the building for multi-tenant use, including $1 million for a new building entrance and lobby.

"We originally planned to tear it down and build new," Melvin Mark Cos. CEO Jim Mark told GlobeSt.com in early 2001. "But the more we looked at the building, we saw a spot for it between the older class C product at $12 per sf to $15 per sf, the class B historic buildings at $22 per sf and the newer product for $25 per sf to $30 per sf."

Indeed, Melvin Mark found the missing price point. Within a few weeks of completion, the building was 85% leased at annual full-service rates between $16 per sf and $18 per sf to companies like PG&E Gas Transmission, 24-Hour Fitness, KinderCare and Kinko's. One of the other tenants was a "dot-com" that eventually gave back its space, but it was quickly replaced by Oregon Health Sciences University, the region's largest private employer, which took over the vacated space and them some.