PORTLAND, Ore. (KOIN) — A historic office building in Northwest Portland has been acquired for $222 million lower than what it was sold for before the pandemic.
According to Portland Maps, Jordan Menashe bought Montgomery Park for $33 million on Aug. 7. When Unico Properties and Partners Group purchased the site in 2019, it sold for $255 million.
Current owner Menashe serves as the CEO and principal of Menashe Properties, a family-run commercial real estate firm with a roster including Downtown Portland’s JK Gill, Wilcox and Electric buildings. Outside of Oregon, the business also owns properties in Chicago, Dallas, Colorado and Washington.
The Portland-headquartered firm’s newest building first opened as the Montgomery Ward in 1921. Since then, the 18-acre property — primarily used as office space — has been added to the National Register of Historic Places.
However, the city has experienced an increase in office vacancies in recent years. In March, real estate experts at Colliers determined that 30.2% of offices in downtown Portland were vacant in late 2023 — the highest rate when compared to other downtown office markets.
But in a statement to KOIN 6 News, Menashe said his firm plans to “revitalize Montgomery Park back to its glory days.”
“Our family and firm believe in Portland, Oregon,” Menashe wrote in an email. “The City has turned the corner. It is much cleaner, safer and livelier than just 6 months ago. I am impressed with this turnaround story that is developing. Portland boasts phenomenal walkability, edginess, and geographic perfection. Portland has something to offer for almost everyone.”
Lauren Menashe, who also serves as a principal for the real estate firm, said its goal is “to honor Montgomery Park’s past, while making thoughtful improvements that will benefit the tenants and community, and ensure its vibrancy for years to come.”
According to the company website, Montgomery Park will see a new gym facility and food and beverage options by the end of this year.
