Ok, I hallucinated on the first version of this article, in which I noted that 1547 bought Milwaukee’s Wells Building. That actually happened in September. Today’s purchase was of a similar type though, and with the same financial partner. Today 1547 Critical Systems Realty and Harrison Street teamed up to buy Portland’s Pittock Block building.
The historic building serves as a key carrier hotel in downtown Portland, Oregon, with some 302,200 square feet of space serving some 179 service providers of various stripes and housing the Portland NAP internet exchange. It was built back in 1913 for the Northwestern Electric Company.
The deal follows fairly closely on the previously mentioned purchase of the Wells Building in Milwaukee from Ascendant Holdings LLC, which bought the building back in 2011 for $3M and renovated it.
The Portland facility will further complement 1547’s portfolio, which in addition to Milwaukee features locations in Orangeburg NY, Cheyenne WY, Kapolei HI, Chicago IL, and San Francisco CA. They tend to specialize in making the best use of unique existing buildings with good bones. We had 1547’s J. Todd Raymond on here a few years ago for an Industry Spotlight when it was working on that Orangeburg project.
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