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Seattle-based Urban Renaissance Group and private equity firm Gaw Capital USA, in a joint venture, have purchased the Gladys McCoy Building, in downtown Portland, from Multnomah County for $9.85 million.

The Gladys McCoy Building, at 426 S.W. Harvey Milk St., was built in 1923. The 10-story, approximately 100,000-square-foot building was occupied by J.K. Gill Co. for over 60 years before it was acquired by the county. It is being replaced by a new Gladys McCoy Health Department Headquarters on property near Union Station in the Pearl District.

Urban Renaissance Group and Gaw Capital USA say they intend to renovate the old building starting this fall and finishing in spring 2020.

鈥淎s URG continues to pursue both significant renovation projects and ground up development, we couldn’t be more excited about this acquisition,鈥� URG Vice President Tom Kilbane, stated in a press release. 鈥淭he McCoy Building is in an ideal location with great historic appeal, and we anticipate it will attract a wide range of tenants, from technology to engineering to creative types.鈥�

The county will continue to lease the building through mid-2019. Then crews will renovate the lobby, construct a new caf茅, modernize elevators, apply exterior paint, install new storefront glass, doors, canopies and mechanical systems, and build new restrooms, spa-grade showers, lockers and bike storage.

Original features 鈥� double-height ceilings on the first floor, an open mezzanine, a grand staircase and 10,000-square-foot floor plates 鈥� will be preserved, according to Kilbane.

鈥淏y investing in the existing character of this historic building, we will ensure it serves Portland for another 100-plus years,鈥� he stated.