Originally published by Brent Carroll for NAIOP's Spring 2021 Issue.
An adaptive reuse project revitalizes an iconic retail tower in Portland, Oregon.
For residents of a certain age in Portland, Oregon, the phrase “meet me under the clock” meant the clock on the main floor of the Meier & Frank department store, which first opened nearly 150 years ago. The 16-story terracotta landmark building at 555 Southwest Morrison Street encompasses an entire city block near Pioneer Courthouse Square, widely known as “Portland’s living room.”
In November 2016, a new era for the Meier & Frank Building began when KBS purchased the asset for $54 million in a joint venture with private development firm Sterling Bay with the intent of repositioning the property. Converting part of a beloved former department store into a fully leased Class A mixed-use space while preserving the historical integrity of the original property required hard work as well as some creative problem-solving.