First and Main | 251 feet | 16 floors | Complete

[MR. Cosmopolitan]

^Talking about occupating the First and Main, does anybody know how is the 'job sprawl' situation developing presently? are jobs still going out of the city center, like there were in the Bush administration; or are there coming back?

[downtownpdx]

I noticed tonight this building has a little nighttime color -- the NE corner was lit up in purple that was changing to red. Looked pretty cool next to the soft white glow that wraps around the top.

[Okstate]

I'm guessing this is a permanent fixture?

[dintares]

I especially like this building at night and with new lighting. Fargo looks pretty good behind it with the new lighting, nice pic!

[smendesPDX]

not sure if this is permanent. I too saw it lit up last night around 7pm. Looks awesome. But on my way home around 10 30, the light was off.

[tworivers]

I'm pretty sure it was green one night last week when I rode by. I like it.

I have to admit, though, that I wish this tower was residential (current glut notwithstanding). We could use more people living along, or at least near, the waterfront between Riverplace and the Steel.

One question I've been wondering about: does anyone know if they ended up building the tunnel under First & Main to connect the justice center to the proposed new courthouse? I thought that the corresponding plan to re-route the westside Hawthorne ramps was pretty far down the pipeline, too -- wonder what the status of that project is.

[urbanlife]

Originally Posted by tworivers

I'm pretty sure it was green one night last week when I rode by. I like it.

I have to admit, though, that I wish this tower was residential (current glut notwithstanding). We could use more people living along, or at least near, the waterfront between Riverplace and the Steel.

One question I've been wondering about: does anyone know if they ended up building the tunnel under First & Main to connect the justice center to the proposed new courthouse? I thought that the corresponding plan to re-route the westside Hawthorne ramps was pretty far down the pipeline, too -- wonder what the status of that project is.

I never noticed any major road closing for this to build a tunnel, so I would guess the answer would be a no.

[65MAX]

I think the idea was to leave room (and an easy path) thru the basement of this building for when the tunnel would be built. It's not there yet, but can be added when the new courthouse is built.

[bvpcvm]

Originally Posted by urbanlife

I never noticed any major road closing for this to build a tunnel, so I would guess the answer would be a no.

Not necessarily, the tunnel between the two halves of Pioneer Place was dug without any disturbance at ground level. Oh, and the tunnel between the parking garage under pb5 and PAW, which went under the MAX.

[Sioux612]

Originally Posted by tworivers

I'm pretty sure it was green one night last week when I rode by. I like it.

I have to admit, though, that I wish this tower was residential (current glut notwithstanding). We could use more people living along, or at least near, the waterfront between Riverplace and the Steel.

One question I've been wondering about: does anyone know if they ended up building the tunnel under First & Main to connect the justice center to the proposed new courthouse? I thought that the corresponding plan to re-route the westside Hawthorne ramps was pretty far down the pipeline, too -- wonder what the status of that project is.

They made a huge deal about the F&M land, threatening to condemn that block, and we've literally heard nothing on this project since.

[MarkDaMan]

Shorenstein offers First & Main for sale
Portland Business Journal - by Wendy Culverwell , Business Journal staff writer
Date: Friday, January 14, 2011, 2:53pm PST

Shorenstein Properties LLP is seeking a buyer for First & Main, its new office tower in the heart of downtown Portland.

The San Francisco-based real estate firm, among Portland’s largest office owners, engaged Eastdil Secured to market the 16-story, 365,000-square-foot tower to prospective buyers, said Gregg Meyer, Shorenstein senior vice president for asset management.

Shorenstein opened First & Main last summer at 100 S.W. Main St. Its office space is fully leased and leases are pending for its street-level retail space. The office space is leased to the U.S. government and to Portland Energy Conservation Inc., a local nonprofit devoted to energy conservation work. Meyer said investor demand for top-flight assets with reliable rent rolls made it a "pretty obvious decision" to solicit offers.

The government leased more than 270,000 square feet to house federal agencies displaced by the $139 million renovation of the nearby Edith Green-Wendell Wyatt federal office building. The project is funded by the $787 billion American Recovery and Reinvestment Act, aka the federal stimulus package. PECI, too, is growing thanks to stimulus spending in California, which contracted with it to work on state conservation programs.

Meyer said Shorenstein has not published an asking price and won't disclose the amount it expects to command. It is likely to be well north of $100 million, based on recent institutional interest in newer buildings in Portland and elsewhere in the Northwest. At that level, the sale of First & Main could be the largest local real estate transaction of 2011. Meyer said the sales process will take about 90 days.

The new project recently secured the U.S. Green Building Council’s highest green rating, LEED Platinum, another element that could make it attractive to investors.

Shorenstein inherited the First & Main project when it acquired the Portland office portfolio of the former Equity Office Properties Trust from the Blackstone Group in early 2007. The project was constructed with a loan from Shorenstein’s German banker.

First & Main is Portland’s first new office tower since Fox Tower opened in 2000. Meyer said selling First & Main does not diminish the company's commitment to Portland, where it owns about 1 million square feet of office space in downtown Portland and Kruse Way. Excluding First & Main, its local portfolio has an occupancy rate in the low 80 percent range.

"We still believe in the market up there," he said.

Read more: Shorenstein offers First & Main for sale | Portland Business Journal
http://www.bizjournals.com/portland/...irst-main.html

[philopdx]

A snap from today, 1-21-2011:

[MarkDaMan]

C'mon TMT, pull the trigger!

First & Main commands reported $130M
Portland Business Journal - by Wendy Culverwell
Date: Friday, March 4, 2011, 2:23pm PST - Last Modified: Friday, March 4,

First & Main, Portland’s newest office tower, is under contract to sell for a price likely to set a new local record.

Gregg Meyer, senior vice president for Shorenstein Realty Services L.P., confirmed that the San Francisco-based owner and developer has entered a contract to sell the 16-story office tower, 100 S.W. Main St. It first disclosed plans to sell its Portland flagship in January.

Meyer declined to disclose terms or the buyer. The price is widely reported in real estate circles to exceed $130 million. If true, it will translate to about $350 per square foot, which would easily eclipse the $309 per square foot Ashforth Pacific Co. paid for Pacwest Center in January 2008.

The First & Main sale will close in three to four weeks, subject to due diligence by the unidentified buyer, reported to be an insurance company that has not previously invested in Portland.

Shorenstein has enjoyed a Cinderella run with First & Main, whose prospects were bleak a year ago when construction was wrapping up without any tenants signed to its approximately 365,000 square feet of office space.

The $787 American Recovery and Reinvestment Act, aka the federal stimulus bill, saved Shorenstein and its project.

Stimulus funds triggered a $139 million down-to-the girders remodel of Portland’s Edith Green-Wendell Wyatt federal office building, which is around the corner from First & Main.

The government leased more than 70 percent of First & Main for the federal agencies displaced by the ambitious remodel in the single largest office lease in downtown Portland in 2010. Portland Energy Conservation Inc. (PECI), a nonprofit energy consultant with a big stimulus-funded contract to work on conservation in California, subsequently leased the last remaining space on the top three floors.

Meyer said that with investors looking for properties, it made sense to sell the new building while the leases are still young.

“It’s not going to get much better than that,” he said. Adding that financially, Shorenstein could have held onto the building.

First & Main’s come-from-behind win helped Chris Johnson of NAI Norris, Beggs & Simpson, Shorenstein’s broker, land the Commercial Association of Realtors office broker of the year this week.

With the office space leased, Shorenstein is left with just 20,000 square feet of street level retail space. Meyer confirmed today that Seattle-based Starbuck’s Co. has signed a lease for 1,800 square feet at the corner of Southwest Second and Main streets.

Shorenstein inherited the First & Main project when it acquired the Portland assets formerly held by Equity Office Properties. It is one of Portland’s leading landlords with extensive holdings in downtown as well as the Kruse Way and Washington Square submarkets.

Read more: First & Main commands reported $130M | Portland Business Journal

http://www.bizjournals.com/portland/...u&ana=e_du_pub

[zilfondel]

What happens when the Federal building renovation finishes?

[PacificNW]

Would this be a good choice for a new county courthouse if/when the Feds move back to the Federal Building?

[scleeb]

Originally Posted by zilfondel

What happens when the Federal building renovation finishes?

My understanding is that most of the displaced agencies will remain in First & Main for the long term, and the newly renovated Federal Building will be used to accommodate future agency expansions and consolidations. The USG will probably use the building to increase its footprint Downtown.

[MarkDaMan]

a new addition

[crow]

too bad it does not say FBI or DEA.