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A downtown renovation project is moving ahead as planned, less one of its original investors.

Brandon Anderson, co-owner of in Portland, said Steve Rosenbaum of the Portland ad agency is no longer involved in its Broadway Commons project, a renovation of a 106-year-old building formerly known as the Commerce Building, at 225 S.W. Broadway.

鈥淭he entire building is leased, it鈥檚 performing great, but Pop Art is not part of it,鈥� Anderson said.

This past summer, Anderson, his brother and fellow Pivot Property Management co-owner, Brian Anderson, and Rosenbaum purchased the building for $4 million from the Chiu 1981 Revocable Trust. The plan was for both Pivot and Pop Art to occupy spaces in the renovated building.

Anderson said they have already leased out Pop Art鈥檚 space to a company called , which facilitates private equity financing of charter schools throughout the country. He said they expect renovation of the six-story, 48,159-square-foot building to be complete by March 15.

The fifth and sixth floors are currently undergoing improvements for a Leadership in Environmental and Energy Design silver rating for one of its tenants, a research and investment firm called LML Technology.

Rosenbaum said the Broadway Commons just wasn鈥檛 the right fit for his company.

鈥淚t鈥檚 a great building, and it just turned out as we got into the details of Pop Art鈥檚 needs that it wasn鈥檛 the right solution for us,鈥� he said. 鈥淏ut it鈥檚 absolutely a great building.鈥�

Pop Art, meanwhile, just moved its offices to a 7,000-square-foot office on the eighth floor of the M. Financial Plaza in the Brewery Blocks. Rosenbaum said that decision reflected his desire to be in the Pearl District and to locate into Class A office space. The company currently has a one-year lease in its new location.