Pearl West | 120' | 9 floors | Complete

[MarkDaMan]

YES! Another permanent surface parking lot!!!

Backroom maneuvering marks Goodman family's acquisition of prime Pearl block
Published: Friday, May 27, 2011, 6:00 AM Updated: Friday, May 27, 2011, 6:25 AM
Jeff Manning, The Oregonian

The powerful Goodman clan was poised Thursday to take ownership of a prime piece of Pearl District property in a transaction filled with intrigue and some degree of ill will.

14th & Irving LLC, a company controlled by the Goodmans, entered the sole bid of $2,866,091 at a foreclosure sale for the parcel of vacant land at the northwest corner of Northwest 14th Avenue and Irving Street. The Goodmans operate one of their City Center Parking surface parking lots at the site.

The Goodmans' gain came at the expense of the Brenneke family, another prominent real estate player in Portland.

GM 14th & Irving LLC, a company affiliated with Portland developer Paul Brenneke, formerly owned the property. GM 14th & Irving had defaulted on a $2.8 million loan from Albina Community Bank and faced the loss of the property through foreclosure.

Paul Brenneke and his brother Tom through various affiliate companies originally owned the property 50-50. Tom Brenneke is CEO of Guardian Real Estate Services, a major West Coast property management company. Guardian was founded by their father, T. Barry Brenneke.

Tom Brenneke said Thursday he sold his ownership stake back to his brother in 2008. However, he remained manager of GM 14th & Irving until last fall.

The property is located across Northwest 14th Avenue from Guardian's headquarters.

Earlier this year, rather than follow through with the foreclosure, Albina opted to sell the note, to none other than the Goodmans.

Greg Goodman declined to reveal how much his family paid for the note.

That meant that GM 14th & Irving owed the $2.8 million debt not to the bank, but to the Goodmans, who immediately ratcheted up the pressure on the company to pay up or face foreclosure.

The Brenneke company was unable or unwilling to pay off the debt. But it didn't want to lose the property. To pre-empt foreclosure, ownership of the property was shifted rapidly to another Brenneke company in the Seattle area and then transferred back to GM 14th & Irving, which proceeded to file Chapter 11 bankruptcy on March 28.

The Goodmans, in turn, went to U.S. Bankruptcy Court arguing that the GM 14th & Irving LLC bankruptcy was a phony, filed in bad faith only to forestall the foreclosure.

U.S. Bankruptcy Court Judge Elizabeth Perris sided with the Goodmans. "What you're involved in is basically a shell game moving the property back and forth," Perris told Robert Simon, attorney for GM 14th & Irving.

Greg Goodman said he's got no specific plans for the property. "It certainly isn't a personal deal," Goodman said. "We just bought some debt, it happened to do with a certain piece of property they own."

Neither Paul Brenneke nor Robert Simon could be reached for comment.

Jeff Manning: 503-294-7606.

http://blog.oregonlive.com/hp_busine...arl_block.html

[2oh1]

Awe! BOO!!! I thought we saw a proposal for building on that lot not too long ago...? I guess that fell through with the economy. Boo indeed.

[downtownpdx]

Sorry to post an article with no actual story to read (unless you are a DJC subscriber), just wondering if anyone has more info on this??

Pearl District could get nine-story mixed-use building

POSTED: Thursday, December 19, 2013 at 02:21 PM PT
BY: Lee Fehrenbacher Daily Journal of Commerce - Oregon
2:21 pm Thu, December 19, 2013

An unidentified group is weighing whether to construct a new nine-story office building in the Pearl District.

Read more: http://djcoregon.com/news/2013/12/19...#ixzz2o4yT4UjD

[bvpcvm]

I found some info on the city's web site; it's at 14th and Irving, currently the parking lot across from The Avenue. The location is the site of numerous failed proposals.

Edit: link here

[tworivers]

^^^ Nice work . THA + GBD + underground parking = promising.

[urbanlife]

Sounds promising, that is definitely a lot that is in desperate need of a new building on it to really finish out that area. 9 stories would make it just a little bit taller than The Avenue building. The shape and location of the block would lead me to believe it would be good for a bigger retail type place, hopefully something that could compliment nearby REI.

[JG573]

Originally Posted by bvpcvm

I found some info on the city's web site; it's at 14th and Irving, currently the parking lot across from The Avenue. The location is the site of numerous failed proposals.

Edit: link here

Does sound promising but I was not expecting an office building though I wonder what the reason behind that is.

[davehogan]

Originally Posted by JG573

Does sound promising but I was not expecting an office building though I wonder what the reason behind that is.

From what I've been hearing a problem with office space in the downtown area is that there's a lack of buildings with large spaces. For companies that don't want to be spread out across multiple buildings/floors there is a bit of demand.

Still, I'd think they'd want to wait until PAW is leased out before adding to the market of new office space.

[downtownpdx]

Thx for the link bvpcvm! Been waiting for that to be developed for so long, used to walk by it several times a week ... think it was supposed to be a high-rise time-share hotel thing a few years back? It'll be nice to have office there if it pencils out.

[zilfondel]

Originally Posted by davehogan

From what I've been hearing a problem with office space in the downtown area is that there's a lack of buildings with large spaces. For companies that don't want to be spread out across multiple buildings/floors there is a bit of demand.

Still, I'd think they'd want to wait until PAW is leased out before adding to the market of new office space.

PAW's office space is pretty much all leased out though, right?

[2oh1]

Originally Posted by zilfondel

PAW's office space is pretty much all leased out though, right?

I'd have trouble imagining that. I assumed they got enough of it leased to secure financing and resume construction. I could be wrong, of course.

[tworivers]

Stoel Rives is taking 9 of the 13 floors of office space. I don't remember seeing anything about the other 4 floors...

[davehogan]

Originally Posted by tworivers

Stoel Rives is taking 9 of the 13 floors of office space. I don't remember seeing anything about the other 4 floors...

There's also the matter of the office space that Stoel Rives is vacating. I know there's demand for office space, but I'm just a little surprised they're ready to add more new build office space to downtown so quickly.

[urbanlife]

Originally Posted by davehogan

There's also the matter of the office space that Stoel Rives is vacating. I know there's demand for office space, but I'm just a little surprised they're ready to add more new build office space to downtown so quickly.

Though I would suggest, you are talking about vacant office space downtown, while the Pearl is in need of new office space. Currently Portland has some of the lowest office vacancy in the US.

[2oh1]

Originally Posted by urbanlife

Though I would suggest, you are talking about vacant office space downtown, while the Pearl is in need of new office space. Currently Portland has some of the lowest office vacancy in the US.

Not to mention that any time a new tower comes on line, vacancies shuffle elsewhere as tenants move in.

[downtownpdx]

A new year, a new office building for the Pearl

http://www.bizjournals.com/portland/...or.html?page=2

Wendy Culverwell
Staff reporter-
Portland Business Journal

Details are sketchy, but the new year is off to a roaring start for office development.

Real estate brokerage Kidder Mathews reports it is representing a new Class A office building slated to open in the Pearl District in late 2015. The project, dubbed NW 14th & Irving, could be the next new office building to open in the greater downtown area.

The nine-story, 146,500-square-foot building is being designed by GBD Architects and THA Architects for BDC/BNW Irving LLC, an affiliate of Walt Bowen’s BPM Real Estate Group ...

NW 14th & Irving will have three floors of underground parking and street-level retail as well as office space ...

------------------------------------------------------------------------------------

Portland's 2013 office deals soak up the equivalent of Big Pink

http://www.bizjournals.com/portland/...up.html?page=2


Wendy Culverwell
Staff reporter-
Portland Business Journal

Portland businesses soaked up almost the equivalent of U.S. Bancorp Tower in 2013, leaving the city with one of the lowest office vacancy rates in the U.S.

Jones Lang LaSalle reports Portland tenants “absorbed” nearly 1 million square feet of office space, most of it on the westside. That’s just shy of Big Pink, the 1.1-million-square-foot behemoth at 111 S.W. Fifth Ave.

Thanks to leases by a variety or tenants, Portland is tied with San Francisco and New York for the lowest overall vacancy rate in the U.S. — 11.1 percent ...

Downtown Portland’s 9.4 percent office vacancy rate makes it one of the tightest downtowns in the nation, after Raleigh-Durham, 5.9 percent, Charlotte, 6.6 percent, and New York City (Midtown South), 8.4 percent.

Despite the low vacancy rate, Portland is in a rare position. As federal agencies return to the Edith Green-Wendell Wyatt office building, they are freeing up space in private buildings, offering the market a rare surplus of oversized leasing opportunities.

Jones Lang LaSalle called it a welcome opportunity for businesses tor establish a physical presence in downtown ...

“(T)he growing economy and interest from real estate investors will continue to propel the market and overall tightening is expected to accelerate in 2014,” the report noted.

[NJD]

not sure if posted here before, rendering of the 9 story Irving and 14th office building, looks dark:



gbd architects, via http://placesovertime.wordpress.com/...14/pearl-west/

[Derek]

Basic, but not bad.

Street interaction doesn't look too great though.

[bvpcvm]

Hey, that blog has lots of interesting stuff, many renderings I've never seen before. Nice find!

[2oh1]

Ah, yet another project for that parking lot. I wonder if it'll get built. I'm almost convinced that lot is cursed after so many projects for that spot never materialized. I agree, this is basic, but I really like it so long as it interacts with the street well (which, as shown here, it doesn't).