Portland developer Walter Bowen and his company, Bowen Property Management  Co., have sued a former executive, claiming Barclay Grayson failed to pay subcontractors on the Block 216 Ritz-Carlton tower and wrongly signed Bowen’s name to documents.

The suit, filed Aug. 15, is the latest fallout from the construction of the luxury 35-story tower in downtown Portland.

Grayson served as senior vice president and principal broker for Bowen Property Management and its affiliates from August 2003 to July 2025, when he was terminated, according to the lawsuit.

Bowen, age 83, alleges that Grayson used Bowen’s signature stamp to sign personal guarantees without Bowen’s permission. The lawsuit states Bowen, given his advanced age, is a “vulnerable person” under state law.

Grayson’s lawyer rejected the accusations. “We strongly deny the allegations,” said Thomas R. Rask III, an attorney with Kell Alterman & Runstein LLP.

The lawsuit, filed in Multnomah County Circuit Court, also centers on a dispute involving a penthouse condo at the Ritz-Carlton. Grayson agreed to purchase the penthouse and two parking spaces for $3.2 million, according to the complaint. The sale agreement also provides for Grayson to have an improvement allowance of $1.13 million, or $350 per square foot.

Bowen alleges Grayson ordered construction on the condo unit before he had closed on it, and that Grayson intended to flip it rather than use it as his primary residence. Bowen also charges that his company, BDC Construction, was never compensated for the condo improvements, which totaled “at least” $3 million, according to the lawsuit.

At least one subcontractor has filed for arbitration against BDC Construction, claiming it was never paid, according to the complaint.

The lawsuit, which was first reported by The Oregonian/OregonLive, also charges that Grayson used some of the improvements allowance on personal spending, including a wedding ring.

The legal tangle adds to a heap of trouble for Bowen’s landmark mixed-use tower. Lender Ready Capital Corp. of New York took possession of the property in July. Construction on the project began before the pandemic rocked commercial real estate, and demand for office and condo units in the tower has been modest.

Bowen is represented by Stoll Stoll Berne Lokting & Shlachter P.C.

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