Urban Renaissance Group Acquires Historic Portland Building
Urban Renaissance Group and Gaw Capital USA recently acquired the Gladys McCoy Building from Multanomah County for $9.85M. The building, built in 1923, is at 426 Southwest Harvey Milk St. in Portland’s central district. The historic building is 10 stories and 100K SF with offices and a café. Renovations will begin in the fall and should be complete by spring 2020. This will be URG’s third renovation project in Portland.
“As URG continues to pursue both significant renovation projects and ground-up development, we couldn’t be more excited about this acquisition,” URG Vice President Regional General Manager Tom Kilbane said in a statement. “The 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.”
The building was used by J.K. Gill Co. office supply for more than 60 years. It was purchased by the county in 1988 and currently provides a range of county health services. The county will continue to lease the building through mid-2019.
The full renovation will include an updated lobby and new café, modernized elevators, new storefront glass, doors and canopies, exterior paint, recommissioning of operable windows, new restrooms, spa-grade showers, lockers and bike storage and new mechanical systems.
“This building still holds beautiful original features — double-height first floor ceilings, an open mezzanine, grand staircase and 10K SF floor plates,” Kilbane said. “By investing in the existing character of this historic building, we will ensure it serves Portland for another 100-plus years.”