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Langley Investment Properties is planning to redevelop a Southwest Portland property it purchased recently.

The Portland-based firm recently closed on the acquisition of a 15,262-square-foot office building, at 1501 S.W. Taylor St., for $2.6 million. Liam Thornton, managing director of investment and development for Langley Investment Properties, said the building is occupied by various tenants; however, when their leases expire, the company intends to demolish the building and construct multifamily housing.

“It has existing tenants with leases, so in the immediate term we’re basically just managing the building, and will work through design and entitlements this year,” he said.

Thornton said it was too early to provide an exact timeline for the project, but said the company should be able to move forward “pretty quickly.” The site is zoned for high-density residential use.

Jim Lewis, Thomas Usher and Doug Deurwaarder of Cushman & Wakefield represented the seller (Rudell LLC) in the transaction, according to CoStar. Graham Taylor and Carrie Houck of CBRE represented Langley.