OGI Campus Coming to Market

HILLSBORO, OR-Oregon Health & Science University plans to sell a 40-acre campus here that is used by its School of Science & Engineering, formerly the Oregon Graduate Institute of Science and Technology. The property holds 270,000 sf of office, classroom and lab space in several buildings, including the Cooley Science Center and the Bronson Creek Building.

The sale of the campus is part of a plan to build long-term financial stability for the university’s new school. The university has raised $20 million so far but wants to raise $60 million, and the sale of the campus could take it close to that goal. OHSU is reportedly already talking to a broker about the disposition. The sale is expected to occur later this year.

The school occupies only a portion of the built space on the campus and any sale would include a leaseback arrangement that could go on for several years. The value of the buildings could range from $90 per sf for older, unoccupied single-story space to as much as $200 per sf for newer multistory buildings with rent-paying tenants. The value of any developable land would be in the range of $7 per sf, based on recent comparables. If the built space were to fetch $120 per sf on average, the sale price would be in the $32-million range.