Portland, OR


Acquired: December 2013 from 321 Glisan Property Holdings, LLC
Property description: Seven story, 84,795 rentable square feet, creative office building located in Old Town, 2 blocks from the Pearl District.
History: Built in 1926, the building served as cold storage until 2006 when it was converted to creative office. Over $24 million was invested in all new building systems, ultra-efficient radiant floor heating and cooling and a façade upgrade. The project was near complete, though final permits were never obtained.
Redevelopment: ODI is repositioning the property by completing the construction and finalizing permits, upgrading the lobby aesthetic, and offering efficient spaces at affordable rents.
Current status:
 The property was sold to another developer in January 2015.