July 2nd, 2018
The buildings don’t look like much now — pale blue, largely sealed off and all but unnoticeable amid the jumble of low-rise warehouses and industrial buildings that populate the Central Eastside around Southeast 10th Avenue and Southeast Main Street.
But come this fall, they will have been converted into some of the newest creative office space in the neighborhood, complete with bike parking, expansive windows for natural light, rooftop terraces and other amenities that have become so sought-after in Portland.
They are what’s being billed as the Custom Blocks, the latest endeavor from Capstone Partners and Premium Property USA. The partners were also behind the Burnside 26 apartments and two other residential projects in Sherwood and Tigard.
The latest project is taking shape on two blocks bounded by Southeast 9th and 10th avenues and Southeast Madison Street and Southeast Salmon Street. The property was long home to Custom Stamping and Manufacturing, which occupied the buildings on the property until selling them to the developers last year for $9 million.
Construction just began this month to gut the buildings and convert them into creative office space. All the old wooden beams will be left exposed and stripped or sandblasted back to their original wood. The complex on the south block will get two rooftop decks, and the buildings on both blocks will be overhauled with new windows, seismic upgrades, landscaping and other amenities. There will be some parking for cars, as well as bike parking and showers.
A 3,000-square-foot space in the north block will be available for retail use — possibly a brewery or some other similar tenant — and the 72,000-square-foot total will be divisible to 2,000 square feet.
Chris Nelson, a principal at Capstone Partners, said the space should be appealing to the kind of tech and creative companies that are doing well in Portland.
“I think this neighborhood has a little bit more of a gritty character than the Pearl District or Northwest,” he said, “and there are companies and employees who are looking for that.”
Mark Carnese, managing director with Cushman & Wakefield, is one of four brokers working with Capstone on leasing the property. He said the Central Eastside continues to be a popular draw for creative office users.
“I think this property could be well-suited to the kind of software and tech firms we have here, the kind who need to be positioned to ramp up quickly,” he said. “The firms that are coming to the east side want that edgy feel that appeals to millennials and Gen-Xers.”
Along with Carnese, the CW team includes Doug Deurwaarder, Matt Johnson, Brad Carnese and Tom Usher.
Scott Edwards Architecture is the architect behind the project.
For a preview of the Custom Blocks project, click through the gallery above.
Title: Central Eastside’s newest creative office space takes shape at the Custom Blocks
Date: February 21, 2017
Author: Jon Bell
Publication: Portland Business Journal
Link: Original Article