|| Print ||
|Articles - June 2011|
|Wednesday, May 18, 2011|
Page 1 of 4
By Oakley Brooks
TMT Development is caught in a trap. One of the lions of downtown Portland real estate development, it’s looking to erase a black eye dished out by the financial crash and to cover that construction pit at Park and Yamhill with the completed high-end office tower, Park Avenue West. But after a potential deal-clinching lease with the Portland Development Commission fell through last summer, future tenants and prospective lenders are now skittish about signing onto the project. Big tenants all over town are skeptical it will actually happen after lying dormant for three years.
In order to impress them, “The goal is to get the building out of the ground and have something to talk about before pursuing big tenants,” says Vanessa Sturgeon, TMT Development’s 33-year-old president. But banks, life insurance companies, pension funds or trusts who might offer the means to finish the project want to see roughly half of the building’s 22 stories leased before they’ll hand over the money.
“It’s all swirling around at the same time,” says Sturgeon, with a hint of hope that something may come out of discussions around town. In mid-April, the company submitted a proposal to the City of Portland, along with several other developers, in an attempt to win the Bureau of Environmental Services’ 75,000-square-foot lease.
With no concrete progress, however, rumors about Park Avenue West’s revival — alive since the fourth quarter of last year — continue to die in that motionless downtown pit and leave it as a lingering wound from the Great Recession.
That Sturgeon is opening up at all about negotiations is a sign of anxiety at TMT. Under Sturgeon’s bullish grandfather, Tom Moyer, the company built and continues to manage 9 million square feet of office space from Salem to Seattle, including the 1000 Broadway building and the magestic Fox Tower building at the heart of Portland. Moyer has been an important corporate citizen, building an auditorium at Central Catholic High School, offering scholarships through a trust named after his late wife, Marilyn, and donating at least $7 million for land and construction costs for Director Park, opposite the Fox Tower. But the company has rigorously maintained a low media profile, preferring to stick to an adage borrowed from reclusive venture capitalist Henry Hillman: “The spouting whale gets the harpoon.”
“They are a closely held family company and they just don’t burn a lot of calories on outreach,” says Bart Eberwein, vice president at Hoffman Construction, which is the general contractor on Park Avenue West and built the Fox Tower.
But Sturgeon admits the worth of the company’s real estate has, not surprisingly, dropped precipitously in value in recent years. And there may be more stress in the company, out of view.
Moyer is now 92, and though Sturgeon says, “He’s holding up incredibly well,” she would not allow him to be interviewed. Sources in the commercial real estate community say Moyer’s memory trouble, often chalked up to a lovable forgetfulness, is now a sign of advancing age. There’s a chance that his company would pass into estate before the Park Avenue West project is finished, and family members who stand to inherit the company and Moyer’s personal wealth may not want more of his money put into Park Avenue West.
Sturgeon says that picture of behind-the-scenes activity is “inaccurate.” But when asked if the family was supportive of the project she won’t answer: “I'm not going to comment on the family’s position,” she says.
Tuesday, October 14, 2014
BY JONATHAN FROCHTZWAJG
A flare-up in the Elliott Forest raises questions about détente in Oregon’s timber wars.
Monday, September 29, 2014
BY LINDA BAKER | OB EDITOR
Wehby disappears, Kitzhaber fails to disclose and Seattle gets bike share before Portland.
Thursday, September 25, 2014
BY LORI TOBIAS
Business has been good to Laura Anderson, leading some to suggest she must be awfully lucky to find such success in a business notorious for failure. But luck’s had little to do with it.
Thursday, September 25, 2014
BY JON BELL
Powell's stays relevant in the digital age.
Thursday, September 25, 2014
BY LINDA BAKER
Two businesswomen, two iconic food brands and one food-obsessed city. We thought this sounded like a recipe for good conversation. So in late August, Oregon Business sat down with Wendy Collie, CEO of New Seasons Market, and Kim Malek, owner of Salt & Straw, to discuss their rapidly expanding businesses and Oregon’s trendsetting food scene.
Friday, October 24, 2014
A majority of respondents agreed: Local vineyards should remain Oregon-owned and quality is the most important factor when determining where to eat or buy groceries.
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE
The black soldier fly’s larvae are among the most ravenous and least picky eaters on earth.
|A Complex Portrait: Immigration, Jobs and the Economy|
|Woman of Steel|
|Kill the Meeting|
|Senate investigation says Wall Street misused commodities businesses|
|Amazon says its cloud services will run on renewable energy|
|Home building falls in October due to apartment sector|
|Dollar hits highest point against Yen since 2007|
|Investors wonder if OPEC cutback is imminent|
|IBM looks to improve business e-mail|
|Halliburton buying rival for $34.6B|
Is your business ready to join us in the call for action? This opening panel includes Oregon businesses who will discuss why they signed the Oregon Climate Declaration, the investments they are making to reduce carbon emissions, and how their actions are affecting their companies.
Get ready for two days of special events produced with the EPA, Portland Timbers and ISOS before and after the GoGreen Conference on October 16.
Plenty of employers seem “dazed and confused” after the recent vote to legalize marijuana. In light of Measure 91 passing, what are some issues for private-sector Oregon employers to consider?
Rotary’s Oregon Ethics in Business aims to raise consciousness about business ethics by honoring exceptional companies.
Barran Liebman’s annual employment law seminar is an industry classic.
Is my drug-free workplace policy up in smoke?
More than 400 "Change Makers" will gather to invest in a socially sustainable community.