SKB and Harbert Management Corporation acquire the Mason Ehrman Building and Annex, two Class A, historic, brick and beam buildings located in Portland's Old Town district

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Aug 25, 2020, 11:32 ET

PORTLAND, Ore., Aug. 25, 2020 /PRNewswire/ -- ScanlanKemperBard (SKB) has announced a joint venture with Harbert Management Corporation (Harbert) in which they acquired the Mason Ehrman Building and Annex, located in the historic Old Town district in Portland, Oregon.

SKB and Harbert Management Corporation acquire the Mason Ehrman Building and Annex, two Class A, historic, brick and beam buildings located in Portland’s Old Town district.

The Mason Ehrman Building and Annex were acquired off-market, and presented a significant opportunity to acquire a best-in-class, historic office project with limited required additional capital expenditures. The Mason Ehrman Building and Annex include 97,006 rentable square-feet of office space, which consist of a seven-story, 69,796 rentable square-foot tower built in 1908, and an attached, two-story, 27,210 rentable square-foot annex building. The Property also offers the safety benefits of a full seismic upgrade, as well as 0.77 per 1,000 parking ratio, both of which are unique for a historic property situated in Downtown Portland.

SKB's business plan includes a strategic lease-up plan that will include market leading lease terms, and enhancements to its amenities, which includes the construction of a rooftop deck, adding another 3,000 of rentable square feet. The Property's office environment, modern amenities, aesthetic historic brick façade, and its accessibility to public transportation, has attracted tenants spanning many creative industries, including marketing, engineering, design and digital media.

According to SKB President Todd Gooding, "We are grateful that the seller worked with us during these uncertain times. With the recent seismic upgrade, this Property in the Old Town District of Portland is arguably the best example of a redeveloped brick and timber building in all of Portland, which we are pleased to add to our growing portfolio."

About ScanlanKemperBard Companies

SKB is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.58 billion, comprised of 30.2 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.

About Harbert Management Corporation

Harbert Management Corporation is an investment management firm focusing on alternative assets, with approximately $7.7 billion in Regulatory Assets Under Management as of July 31, 2020. We are disciplined, opportunistic investors who invest alongside our clients on equal terms and conditions. A privately owned firm founded in 1993, Harbert Management Corporation serves foundations, endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes.

MEDIA CONTACTS

Todd Gooding
503-201-6800

SOURCE SKB