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Tenants at the Oregon Pioneer Building suspected the building was in trouble. Some large tenants moved out. Spaces weren’t being filled. Then the owner filed for bankruptcy.

The Oregon Pioneer Building, at 320 S.W. Stark St., is one of several historic downtown buildings that owner John Beardsley stands to lose after he filed for Chapter 11 bankruptcy in November. A reorganization plan filed March 19 cites a deed in lieu of foreclosure to transfer the building to lender M&T Bank.

鈥淲e have not worked through all of those terms,鈥� said bankruptcy attorney Albert Kennedy of Tonkon Torp LLC, who represents Beardsley and his firm Fountain Village Development.

鈥淲e’re working in a cooperative way, but we haven’t finished,鈥� Kennedy said. A disclosure statement hearing is scheduled for May 10.

Built in 1910 and listed on the National Register of Historic Places, the building features early 20th century revival, American Renaissance architecture. It was repainted gold, white and gray in 1962 during Project Cinderella, which served as a catalyst to restore historic buildings in downtown. Portland’s oldest restaurant, Huber’s, occupies the ground floor.

鈥淭he building has been hanging in there,鈥� said David Louie, third generation co-owner of Huber’s. 鈥淲e’re trying to do our part by keeping our restaurant in good shape.鈥�

Occupancy listed on brokerage firm Norris & Stevens’ website is 77.8 percent, but the bankruptcy statement of disclosure lists it as 52.5 percent. Broker Denise Razzeto referred questions about occupancy to Beardsley, whose office at Fountain Village Development did not return calls for comment.

The building has six floors and about 74,000 square feet of space. Floor sizes range from 135 to 4,787 square feet, Razzeto said, but the majority of the spaces are 150 to 300 square feet. The spaces are ideal for small businesses looking to move out of their home and into an office, Razzeto said, which helps explain the vacancies.

鈥淧eople are taking baby steps and not jumping into a traditional office space as quickly as they would in a healthy economy,鈥� Razzeto said.

The leasing rates range from $18.50 per square foot per year to $250 per month 鈥� prices about average for the market, Razzeto said.

The building is valued at $6,430,000.

For details on leasing the Oregon Pioneer Building, contact broker Denise Razzeto with Norris & Stevens at 503-225-8462 or [email protected].