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In 1903, when construction began on the George Lawrence Building, at 306 S.W. First Ave., more people were interested in purchasing a quality saddle than a reliable automobile.

That suited the George Lawrence Co., a saddlery and harness maker that first operated as the Samuel Sherlock Co. in Portland in 1857.

According to vintagegunleather.com, George Lawrence was a leather worker who moved from Dublin to Portland in 1874 to work for his brother-in-law鈥檚 saddlery business. Lawrence purchased the company in 1893 and 10 years later began constructing a four-story, 44,000-square-foot brick building.

The building was completely renovated in 1987; its interior features a central atrium and a glass elevator. The property now is for sale, and John Kohnstamm of said it is a great property for a private party seeking a stable investment.

鈥淚t鈥檚 certainly a classic downtown historical building,鈥� Kohnstamm said. 鈥淚t鈥檚 got great big windows and great light and plenty of parking around it. It鈥檚 right on the MAX line, it鈥檚 got good amenities 鈥� it鈥檚 a nice little toolbox of a building.鈥�

The building houses professional firms: Major tenants include , Hansa | GCR and the Oregon Department of Veterans鈥� Affairs. Kohnstamm said the building is 95 percent leased and has one 1,700-square-foot, ground-floor space available for rent.

Kohnstamm didn鈥檛 comment on the building鈥檚 listing price, but he said the owner is seeking a capitalization rate of approximately 7 percent. The building has been on the market for about a month.

鈥淲e鈥檝e got quite a bit of interest from all over the place,鈥� Kohnstamm said. 鈥淎 lot of California people are looking at it.鈥�

Block by Block is a weekly look at commercial real estate around Portland. Send suggestions for properties to [email protected].