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Federal Reserve Closes on Building, Property Sale

PORTLAND, OR-Locally based Harsch Investment Properties pays $12.5 million for the well-located, marble-clad structure plus contiguous land that could hold an additional 300,000 sf of development.

By Brian K. Miller | Updated on July 24, 2006

PORTLAND, OR-The Federal Reserve Bank of San Francisco has sold its vacant Downtown office property here for $12.5 million. The new owner is locally based Harsch Investment Properties. The sale closed Friday and already potential users are jockeying for position.

Built in 1950 for the Federal Reserve, the Pietro Belluschi-designed trapezoidal building has four floors above grade, each about 14,100 sf, and two windowless floors below grade, one 20,600 sf and the other 11,000 sf, which have been used for parking and storage. The building boasts 20-foot ceilings on the ground floor, a cafeteria and kitchen, fitness center with locker rooms and showers, and a firing range.

Located at the corner of SW 9th Avenue and Stark Street, the building sits on the city’s streetcar line one block north of the popular tourist attraction Powell’s Books and the new Brewery Blocks development on the edge of the city’s trendy Pearl District. Two blocks to its west is Broadway, the main drag through Downtown.

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