Project Summary
18 NW Oregon is an 8,000 square foot office building located in downtown Bend. The building had been vacated by its tenant, a medical provider, and sat empty for over a year. Built in the 1970s, the building’s aging exterior and dated interiors kept it from competing with new and updated downtown office spaces. Advantages to the property include its prime location kitty-corner to the Visit Bend office on Lava and within walking distance of all downtown Bend restaurants and shops. It has direct parkway access and great on-and off-site parking.
Approach
Erich Schultz, SIOR, partner and principal broker with Compass Commercial Real Estate Services worked with the building owner to determine the goals for the property and arrived at two options: Sell the building empty and as-is, or keep the property and reinvent it through a major renovation to appeal to new tenants. If the owners decided to hold onto the building and remodel, the building needed to stand out in a downtown office market with more than 16-percent vacancy.
Winning Results
The owners agreed to reinvest in their building and with Compass Commercial’s recommendation, hired Ambient Architecture, LLC, to give the 8,000-square-foot building a fresh look and reduce its overall energy consumption. The concept was to re-image the building as sustainably minded with updated interiors, new exterior details, revised suite layouts and a contemporary character. The remodel also includes the building’s new carbon-footprint-offsetting solar array.
Ambient coordinated with Energy Trust of Oregon to secure financial incentives for the owners. The integrated energy-saving upgrades focus on occupant comfort and include new windows, insulation and an improved HVAC system.
The changes will reduce the cost of operating the building, making it more affordable for tenants. New windows allow an abundance of light into the structure, giving it new life and energy.
The remodel of 18 NW Oregon provides suites ranging in size from 1,600 to 4,000 square feet. Construction by Sunwest Builders began in early April and the project completion was on schedule for availability and occupancy in August 2013.
Compass Commercial Team
Brokers: Erich Schultz, SIOR, Darren Powderly, CCIM and Jay Lyons, CCIM
Property Management: Herb Arathoon, CPM®