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A Portland-based real estate banking firm on Tuesday announced acquisition of a 12-story office building in the Central Business District.

ScanlanKemperBard purchased the 208,000-square-foot historic U.S. Bank Block at 309 S.W. Sixth Ave. for $40 million, according to a news release. The firm plans to invest $3 million in capital improvements and building upgrades to common areas.

SKB President Todd Gooding called the transaction a 鈥渟trategic acquisition,鈥� noting that for the first time in Portland’s history, the market for Class B office space is tighter than the market for Class A.

The building, constructed in 1917, still has the original bank boardroom with 鈥渁rtifacts from the time it was constructed,鈥� according to the news release.

It also has a three-level parking garage and direct access to MAX light rail.

The building is 73 percent occupied, with tenants such as Thetus, VendScreen, Sitka Technology Group, Oregon Entrepreneurs Network and Small Business Innovations.

SKB considers the property ideal for tenants with high-capacity technology needs, because it’s located at the confluence of multiple fiber lines and has a server room with dedicated security, Internet and power.

SKB, since its founding in 1993, has acquired a total portfolio of $3.14 billion made up of 23.6 million square feet of office, industrial and retail space, and 2,054 residential units.