50,000 Square-Feet of New Office Space for Lease in Portland’s Pearl District
Photo by Christian Columbres
Specht adds to the redevelopment surge in Portland’s Pearl District with the 1010 Flanders Building — bringing more than 50,000 square-feet of available office space to local businesses. Specht embarked on the $25 million acquisition and remodeling of the historic Ballou & Wright building in early 2016. The goal was to transform a former bicycle and automobile equipment warehouse — also the former Hanna Andersson headquarters built in 1921 — into one of the latest large-scale redevelopments in the Pearl District.
The building’s core and shell renovations bring new creative office space into a building that maintains its historic roots. Updates include structural improvements, restoration of the hardwood floors, the largest bike storage capacity (85 bikes) in the Central Business District, a 1,500 square-foot rooftop deck featuring two fire pits and panoramic city views, a relocated front entryway, changing rooms, locker rooms with showers, a new elevator and improved ADA accessibility.
“The many successful businesses based in the Pearl District greatly contribute to the area’s popularity,” said Greg Specht, Chief Executive Officer, Specht Development. “This building aims to provide them with a new option that will meet the cultural requirements of today’s workforce.”
The 1010 Flanders Building was acquired for $14 million in January, 2016 in a partnership between Specht and Maryland-based, ASB Capital Management. Apex Real Estate Partners is in charge of leasing efforts, with Nathan Sasaki and Rennie Dunn leading the team. Specht will retain property management responsibilities for the building and the existing Hanna Andersson retail operation is remaining as a tenant.