Sorry, $45m and a starter home which barely exists is like 500k minimum? So one can buy one of the biggest buildings in the city for 90x a starter home? Wow.

It must to reflect the current high vacancy reality of a business model (commercial real estate) serving a base that doesn’t now and is unlikely to exist in the future; white collar, on-site work. Someone much bigger than a local CEO would have bought it (REIT, another bank, etc. but they’re already nervous about similar real estate on their books). Many potential commercial property buyers don’t care if it’s a warzone if there is money to be made off leasees.

It’s funny how the permissive zoning for businesses hollowed out cities thanks to zero residential or sustainable community development, and city governments everywhere didn’t GAF the last 50 years as long as that sweet tax money was coming in. Meanwhile, downtowns are dead and there is a gaping hole of residential housing–especially efficient, dense residential housing. Gee, wonder what the solution would have been? This is the real reason the city of Portland is forcing its employees back on site–they don’t want to look bad not having skin in the game in their own city.

What an ugly and overly tall building.