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Morgan Building Under New Ownership and Management

  • Great Point Investors partner with Urban Renaissance Group to acquire Portland’s Morgan Building; Urban Renaissance Property Company to manage asset
  • Acquisition reflects emerging trend of well-maintained, well-located historic buildings competing with Class A office space

Portland, Ore. – February 21, 2008

Urban Renaissance Group, LLC, a Seattle-based real estate investment and development company, with its partner, Boston-based Great Point Investors LLC, today announced the acquisition of the 156,984 square-foot Morgan Building. The eight-story, mid-rise office building is located at 720 S.W. Washington St. in downtown Portland. The building was purchased for $27.5 million; Urban Renaissance Property Company, LLC will manage the property.

Built in 1912 and fully renovated in 1988 and again in 2005, the Morgan Building is home to Morgan’s Alley, a 17,500 square foot retail arcade. The building also features a well-preserved historic lobby and 100 stalls of underground parking. In addition, its Central Business District location provides close proximity to numerous retail and hotel options and easy access to public transit, including Portland’s MAX light rail and streetcar lines. The Morgan Building currently features a diverse tenant mix, including BOORA Architects, McCormick and Schmick’s Corporate Headquarters and Quantec.

“We are thrilled to partner with Great Point Investors on another prime Portland property,” said Patrick Callahan, CEO of Urban Renaissance Group. “The Morgan Building is a beautifully restored historic building, making it well suited to compete for tenants with similarly located Class A office space. In addition, the retail base of the building is incredibly dynamic because of it location on Broadway.”

Gary Schwandt, president and CEO of Great Point Investors adds “the retail core of Portland is already very strong and it will continue to improve because of significant private and public investment in the area.”

In August 2007, Urban Renaissance Group and Great Point Investors partnered on the purchase of the Sherlock building, a 61,000-square-foot office building also located in downtown Portland.

Urban Renaissance Group Grows Portland Presence

Urban Renaissance Group is expanding its Portland presence by adding a new team member and moving to more permanent office space in the Morgan Building. Kimberly Fuller, who was previously the managing director of operations for Equity Office Properties in Portland, was recently named general manager of Urban Renaissance Group’s Portland projects. Fuller joins marketing director Thomas Kilbane and vice president of development Vince Sheridan in the Portland office.

Fuller brings more than 12 years of broad-based real estate experience to the organization. She is a veteran of the Equity Office and Spieker Properties merger, where she oversaw the property management, engineering and construction operations for 49 buildings totaling 4.2 million square feet of office and retail space. Fuller is an active member Building Owners and Managers Association (BOMA), where she serves on the Board of the Portland Chapter.

“The Portland real estate market continues to be strong,” Callahan remarked. “Kim is a great addition to our team, and allows us to focus on additional Portland-based projects, which is an important growth strategy for our company.”

In addition to providing property management for the Morgan and Sherlock Buildings, Urban Renaissance Group’s Portland team will seek new development, property, construction and asset management opportunities in the city’s steadily growing market. The company has offices in Seattle and Bellevue, WA as well.

About Urban Renaissance Group

Founded in 2006, Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company engaged in consulting, development, asset management, property management and ownership in Seattle, Bellevue, Portland and Denver. The strategic premise of Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group will act as a catalyst that understands and ignites that change, thereby generating superior returns for its investors as well as opportunities for its partners and employees. Founded by Pacific Northwest real estate veteran Patrick Callahan, Urban Renaissance Group’s primary focus is on office, residential and mixed-use opportunities that support and encourage urban community, smart growth and transit-oriented development.

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