OHSU sells OGI campus in Hillsboro
 

OHSU sells OGI campus in Hillsboro for $44.4 million
Portland Business Journal - 1:40 PM PST Monday

Oregon Health & Science University has sold its 40-acre Hillsboro science and engineering campus to Wakefield Capital LLC for $44.4 million.

The deal, announced this morning, covers the OGI School of Science and Engineering campus at 20000 N.W. Walker Road. The complex includes 15 buildings with 286,000 square feet of office and lab space. OHSU will lease the property for seven years, with two three-year options that extend its occupancy for up to 13 years.


It is the first Northwest acquisition for Wakefield Capital, a private equity fund in Chevy Chase, Md. The fund invests in strong, single-tenant properties in the health care industry.

"(This) now allows the university to invest more than $24 million into its endowment fund for the future," said Gary Griff, senior director for the capital markets group at Cushman & Wakefield Inc., one of the brokers on the team.

OHSU President Joseph Robertson Jr. said the sale represents a step toward the school's consolidated future.

"This brings us another step closer to fully realizing the potential of merging a school of science and engineering with an academic health center," he said.

OHSU recently committed nearly $40 million for construction of the $57 million Portland Aerial Tram to link the OHSU health campus with the new South Waterfront District at the base of the hill.
http://www.bizjournals.com/portland/...=et75&hbx=e_du

good now get back to building at sowa...and hurry up!

:whip: yes, hurry up! I don't want to see anymore surface lots in sowa

I think this ...
 

... also start the process for more high density planning and development in the Hillsboro area of Tannasboro that has been mentioned in another thread.

EP

OGI sells its Hillsboro campus
OHSU - The sale prepares the science and engineering school for a move to Portland's South Waterfront area
Tuesday, January 09, 2007
DYLAN RIVERA
The Oregonian

A Maryland-based private equity firm has bought the OGI School of Science and Engineering's Hillsboro campus from Oregon Health & Science University for $44.4 million, the university said Monday.

But it remains unclear exactly when the school will move into a planned new campus in Portland's emerging South Waterfront area.

A unit of Wakefield Capital, LLC, a Chevy Chase, Md.-based private equity firm that invests in health care-related real estate, bought the 44-acre, 15-building campus. It will lease the buildings back to OGI, which is part of OHSU, for seven years, with two three-year extension options.

While OGI's lease technically enables it to stay put for as long as 13 years, the school has long had surplus space and has begun to market about 100,000 square feet of space for sublease to high-tech and biotech companies in the Sunset Corridor. The school has vacated the Bronson Creek Building, opening up 85,000 square feet of Class A office space. The other 15,000 square feet is mainly lab space.

Ed Thompson, dean of the OGI School of Science & Engineering, said the sale achieves the school's goal of setting itself up for a move to the South Waterfront area in Portland, and generates cash for an endowment and ongoing operations.

"Those were the two key goals we had," Thompson said.

OGI plans to invest $24 million of the proceeds in its endowment, Thompson said. The balance of the money will help pay for leasing the campus and helping fund new professors, he said. While the school does not plan to grow its faculty as vacancies are filled, he said new professors often need startup money for research.

OGI will lease the entire 286,652 square feet of space from the new owner for $3.5 million a year, with annual rent increases, OHSU spokesman Jonathan Modie said.

The school is now faced with the obligation to sublease its surplus space to help satisfy the new lease payments. But agreeing to the lease helped fetch a high price for the campus in a frothy environment for commercial real estate.

Having the university, with its investment-grade credit rating, lease the entire campus helped attract interest from about 10 serious potential buyers, said Gary Griff, a broker with Cushman & Wakefield, which represented both the buyer and the seller.

"You're looking at both the creditworthiness of the tenant and the underlying real estate, as opposed to just the underlying real estate," Griff said.

The OGI property includes about 12 acres of developable land among the 40-acre campus, Griff said.

"The capital markets and many institutional buyers are looking for this type of opportunity," Griff said. "You have a credit tenant and some upside in the future for new development."

Wakefield Capital, a joint venture of NorthStar Realty Finance Corp. and Chain Bridge Capital, is not related to Cushman & Wakefield.

OGI's Thompson said the school already is in talks with a pharmaceutical company and an OHSU spinoff as potential tenants.

Northwest Technology Ventures, a venture capital firm specializing in early stage startups, recently became OGI's first tenant in the Bronson Creek Building. Managing Director Gordon Hoffman said the firm was looking to escape from Portland and Multnomah County business taxes and locate close to high-tech firms.

"I'm glad OGI's opening up the campus," Hoffman said. "There are a lot of facilities there, and it's a very collegial environment. A good place for startups."

OGI has located its school of biomedical engineering in the Center for Health & Healing, OHSU's first building in the South Waterfront. The bulk of OGI is expected to relocate with the pharmacy, nursing and other schools in 19 acres known as the Schnitzer Campus, between the Ross Island Bridge and the Marquam Bridge.

OGI hopes to move to the Schnitzer campus in five to seven years, Thompson said.

OHSU is still trying to figure out what it wants to build on the campus, which could have at least 2 million square feet of development under current zoning, said Mark Williams, OHSU's South Waterfront project director.

"We expect to see a student-centered campus that will represent a truly collaborative learning process that is interdisciplinary and integrated with the environment and the community," Williams said.

Dylan Rivera: 503-221-8532, dylanrivera@news.oregonian.com

http://www.oregonlive.com/business/o...420.xml&coll=7

Washington County (Beaverton, Hillsboro, Tigard, Forest Grove, etc.)
 

Does anyone have any information on the area in downtown beaverton in the area around "the round" on either side of the max tracks

they are starting to do more street improvements, i work just a few blocks from this area and would love to see it built out...

and the already completed buildings are pretty dense and large although they dont have height........

does anyone know what is lined up for construction there? the movie theater that used to be there has been demolished, and there looks to be a new max crossing down there.....

Could we possibly by seeing some 30story buildings in downtown Beaverton?

Renders?

News articles?

Opinions on what should be built there?

Interested developers?

:lmao:

oh, you're serious. There used to be a Beaverton Round thread but I think it is gone. Couldn't find it in the search. If you find information post it here. I hardly ever read Beaverton's news...since their tallest is a parking structure I've just stopped anticipating anything decent would form.

Actually...

I rode the MAX a few weeks ago all the way to Hillsboro. The Round has around 5+ excavaators digging holes and pounding in piles for new buildings. I read something, somewhere, saying that Beaverton or the developer is building more stuff there.

However, that 8-story concrete parking garage doesn't exactly help the area. And they honestly need to hire a REAL architectural firm to masterplan it out and make it interesting. "You have to spend money to make money," as the saying goes.

Beaverton just doesn't have a bloody clue as to what they're doing - the city refuses to take the initiative in pushing anything, and as a result gets the lowest of the low in terms of developmentally risky and interesting projects: yesteryear's proven formulaic development is the norm. :tup:


On the other hand, land prices in the 26 corridor are supposedly now high enough to make "high-er" rises pencil out. So we might see some dispersed, taller, still autodependant development in various spots around the 'tron.

well if you look at the area around there, its mainly all one story buildings, empty parking lots.....i figure it will arrive eventually i read a article that said beaverton has more people per square mile than portland....they were calling it an "inbetween city" not a suburb.......hopefully they have something on the drawing board which would complement that parking garage....because i dont think it is getting that much usage from what ive seen from the occasional drive by....

hmmm i might take a quick little trip through the area today to check it out

:)

I would love to see the city develop a plan to redevelop its actual downtown and push for new buildings. It actually has a great layout to be quite a cool small city with a couple towers in the teens for floors.

I have hopes for the city that they will pull their heads out of their asses and do more with their city. Right now, it feels like the city council and the people there don't care about their city.

yes, i agree, beaverton is chaotic....a plan needs to be worked up

it seems as if things are just being slapped together one at a time with no actual intentions to plan for the future...


.or MAYBE there is something in the works that is unknown to all of us....:banana:

I think I can help you out with finding info on the Round and other projects. I think you'll find a ton of info at the City's Economic Development Department's redevelopment page:

http://www.beavertonoregon.gov/depar...redevelopment/

The sidewalk improvements are part of the Hall/Watson beautification plan that has been going on for a couple years. Also the Round is supposed to get 4 more buildings, and they are supposed to start this year iirc.

nice! so there is something in the works....

8 buildings total eh? thats wonderful!

hopefully after these are completed, they will come in and start redeveloping the older lowrise buildings

A lot of why downtown Beaverton is such a mess has to do with the major thoroughfares that criss-cross what would be its heart if it had one in the form of a defined grid like downtown Portland. An area the size of downtown Portland, overlaid on Beaverton, say Broadway (in Beav) north to Walker Rd (encompasses Cedar Hills Crossing mall) has about 4 major thoroughfares cutting it up. All of them carry as much and more than W Burnside.

This area of Beaverton doesn't have a grid with evenly spaced regularly shaped blocks like Portland. And of course, Beaverton isn't the major commercial center that Portland is, so there's comparatively less money invested in Beaverton. Designing an appealing, workable downtown for Beaverton out of this mess will be an enormous challenge.

Ha! I knew I could find an article on the Round (actually I was looking for another article about the company which went bankrupt building the Round, and its replacement contractor). At any rate, here's the article:

Two Round at Beaverton Central buildings on the drawing board
Project nears completition with sixth and seventh structures
The Beaverton Valley Times, Aug 24, 2006, Updated Aug 24, 2006

Dorn Platz and Co. is beginning work on two more buildings at The Round at Beaverton Central.

Representatives of the Glendale, Calif., developer met with city planners in July and again Wednesday to discuss plans for a six-story, 129,624-square-foot commercial building/parking structure and a five-story, 86,000-square-foot commercial building.

Both of the new buildings will be constructed on two half-acre lots north of the westside light-rail tracks near the intersection of Southwest Crescent Street and Rose Biggi Avenue.

They would be the sixth and seventh buildings in the estimated $120 million nine-building structure (including a parking garage) that will eventually have 64 condominiums, 80,000 square feet of retail space and about 450,000 square feet of office space, with 800 parking spaces in several-story garages.

Plans for the new buildings are preliminary, but Dorn Platz is anxious to get moving on the projects. The company hopes to start construction of one of the new buildings in the next couple of months. Work on another 45,000-square-foot building (known as Building E) should begin in about 30 days.

“We’re going 100,000 miles an hour,” said Lisa Stroud of Dorn Platz office in Beaverton.

Stroud said the company expected to be finished with the entire Round project in about a year. There are three commercial buildings and a parking structure on the site, and the next three buildings will nearly complete the project.

Planning for The Round began in May 1997 with designs for a housing, commercial and retail center along the westside light-rail tracks. The project hit some rocky stretches, with the bankruptcy of the original developer that set the project back a couple of years.

Dorn Platz entered the picture in 2001, taking over the project and working with the city to complete the development.

Even that didn’t go as smoothly as hoped, with two lawsuits and a settlement in June 2005 that led to the ambitious requirement that the project be completed by 2008.

On the drawing board are buildings F and G. Building F is a five-story structure that will house retail and commercial space. Stroud said Dorn Platz already has a tenant for about 35,000 square feet of the building. She declined to name the tenant.

The development already is home to tenants such as 24-Hour Fitness, Coldwell Banker, Qsent, Washington Mutual Bank, Wausau Insurance Co., Liberty Mutual Insurance, the Open Source Development Labs, Typhoon!, Mingo and Mio Sushi.

Building G is a six-story structure with 118,463 square feet of parking space, 11,161 square feet of retail space and 7,219 square feet of commercial space.

Dorn Platz has not yet applied for a permit or received city approval for either of the new projects.

wait...beaverton has a downtown?

Dougall or some of you other people...actually been to Beaverton and really walked around? Not just near the round, but to Beaverton's original downtown (Broadway and Farmington, split by the railroad tracks), Beaveton Town Sq, then over to the new library where they have the farmer's market? Not forgetting Cedar Mills Crossing where there's a big new modern cinema, starbucks, Old Navy, Best Buy, Office Depot up a big Beaverton block. All those areas together represent the ingredients for a potential downtown. Some viable plan for linking them together is the major obstacle to establishing a cohesive downtown. Great ideas are welcome.

I think it needs a park and a masterplan for starters. And a whole shitload of residential & mixed use buildings. All with ground floor retail. The Cedar Hills Mall (or whatever its called) should be torn down for phase I. :rolleyes:

Maybe as Hillsboro fills in, and since beaverton is land-locked in, and really doesnt have much more room to grow compared to some of the outter cities.....they will come in and all along the 217 area on either side redevelop and put in towers...maybe 10-20 stories tall