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Portland firm acquires Old Town office buildings
Three historic Old Town Chinatown office buildings have sold again, this time for $19 million to a local investment firm.
Three Old Town Chinatown buildings change hands
John Beardsley of Beardsley Development has purchased the Captain Couch building, the Norton House and the Merchant Hotel for $8 million from the Bill Naito Company.
Couch Building for sale
The Couch Building, at 27-33 N.W. Second Ave. in Portland's Old Town neighborhood, was the home of one of Pishue's first restaurants, the Jazz de Opus. Pishue sold the building to Portland developer John Beardsley, who later went bankrupt and defaulted on his loan. Pishue got the building back with a decreased value and a new tenant: a strip club.
U.S. National Bank Block
The U.S. National Bank Block, at 309 S.W. Sixth Ave., includes three buildings integrated as one, so tenants can walk from one building to another without stepping onto the street. The block has about 44,000 square feet of class B office space available.
Portland sees trend of ‘zombie buildings’
when the amount of vacant office space grows, landlords are forced to make more concessions and lower rent for proposed tenants to stay competitive. But depleting building values and capital constraints have forced a number of Portland landlords to reduce concessions and hold their lease rates steady.
Beardsley losing buildings in bankruptcy
Portland developer John Beardsley stands to lose several of his properties after filing for Chapter 11 bankruptcy in November.
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- Oregon opens infrastructure grant program
- Ex-TV host claps back at Detroit officials in blight case
- 31-unit multifamily project in Portland land use review intakes | Aug. 3, 2026
- $2.4 million office renovation in Portland building permits | Aug. 3, 2026
- Transportation commission weighs ODOT budget cuts
- Lam Research planning $1.7 billion investment in Tualatin
- Pacific Northwest projects totaling $10.6 million in top bidders | July 31, 2026
- Many Oregon counties struggling to maintain their fairgrounds
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- When does an employee’s bullying become harassment? | Opinion
- Ditch disorganization 鈥� the cost of deferred decisions | Opinion
- Consider 10 common risks for healthcare construction projects | Opinion
- Clarifying the reach of a law regarding prevailing wage | Opinion
- Adjust to legal changes now to ensure compliance later | Opinion
