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|Articles - June 2011|
|Wednesday, May 18, 2011|
Page 2 of 4It’s in times like these that the company — through Moyer or Sturgeon — has been known to buck its own policy and seek the media spotlight.
In 1997, Moyer broke ground without any financing on the Fox Tower project; two years in, with $90 million of his own money already committed, he had no more than a fifth of the future space rented. Development competitors expected him to fold, but Moyer had a card left to play: his life story. Inviting The Oregonian’s R. Gregory Nokes into his Vancouver, Wash., home, Moyer laid out a drama worthy of Alger, about his rise from hard-scrabble Depression baby beginnings in Sellwood, his abandonment of school to pursue an amateur boxing career that put him in the ring with legendary Sugar Ray Robinson, through the growth of his theater conglomerate that led to a falling out with his siblings but eventually earned him $192 million upon sale in 1989, and finally, tossing out some anecdotes of the stinginess and forgetfulness that friends and family said defined him.
Nokes was even offered a view from the top of the skeletal concrete elevator shaft Hoffman had put in first at the Fox Tower, and here was the trade-off: Moyer, whom Sturgeon describes as “excruciatingly private,” was willing to expose himself in exchange for some free publicity. “He felt he had to,” says Sturgeon.
The outreach effort, combined with an aggressive sales pitch from Moyer’s team of high-powered brokers, worked. In late 1999, timber magnate Louisiana Pacific committed to leaving the choicest office address in Portland — the top two floors at U.S. Bancorp Tower — for the Fox Tower. That led to a construction loan from Bank of America, and by the time the building was finished it was over 90% leased. Moyer moved into his own apartment on the upper floors of Fox Tower, the new “it” spot in town.
A mini-charm offensive from Sturgeon last spring, however, couldn’t rescue TMT’s $50 million investment already sunk into Park Avenue West. The Portland Development Commission was weighing a move from its Old Town offices into Park Avenue West that — with commitments from Stoel Rives to half the office space and Nike to a retail store — would have secured a construction loan from Pacific Life to finish the tower. Sturgeon and Co. hired a public affairs consultant to navigate the PDC’s public bid process and Sturgeon sat for an interview with the Portland Business Journal.
But that restart fell through when PDC officials couldn’t justify paying an estimated $10-a-square-foot premium to move commission offices to Park Avenue West. It was a prime example of the persistence of low rents around the city that have been a drag on new office projects.
That brings us to TMT’s latest predicament: It’s without a loan and without Stoel Rives, which renewed its lease at the Standard Insurance Tower last August. The company needs to show its face again.
Wednesday, August 19, 2015
BY GINA BINOLE
Screening for “culture fit” has become an essential part of the hiring process. But do like-minded employees actually build strong companies — or merely breed consensus culture?
Monday, July 13, 2015
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Dean of the Atkinson Graduate School of Management, Willamette University
Thursday, August 06, 2015
Car and ride sharing services have taken urban areas by storm. Low-income and suburban communities are left at the curb.
Wednesday, August 26, 2015
BY LINDA BAKER
A new co-working model disrupts office sharing, child care and work-life balance as we know it.
Wednesday, August 26, 2015
BY KIM MOORE AND LINDA BAKER
Child care in Oregon is expensive and hard to find. We delved into the numbers and talked to a few executives and managers about day care costs, accessibility and work-life balance.
Friday, July 10, 2015
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The false promise of economic impact statements.
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Ask any college student: Textbook prices have skyrocketed out of control. Online education startup Lumen Learning aims to bring them down to earth.
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The Board dismissed a petition related to efforts to unionize the Northwestern University football team.
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