|| Print ||
|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, October 14, 2015
BY JASON E. KAPLAN | STAFF PHOTOGRAPHER
Friday, October 02, 2015
BY KIM MOORE
Our intrepid (and expecting) research editor finds the child care search involves long waiting lists, costly fees and no certainty of securing a place before she goes back to work.
Wednesday, October 28, 2015
BY JACOB PALMER
A Power Lunch at the Barn Light Cafe & Bar in Eugene.
Saturday, October 24, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
What's it like working with your sister and how do you compete in Portland's crowded artisan ice cream space?
Monday, November 02, 2015
BY LINDA BAKER
The hollowing out of the American city is now a bona fide cultural meme. Newspapers, magazines and digital media sites are publishing story after story about the morphing of urban grit and diversity into bastions of wealth and commodity culture.
Wednesday, October 28, 2015
BY CHRIS NOBLE
’Tis the season of giving — and that goes far beyond trees drowning in Lego sets and ironic knitwear. Santa Claus knows corporations are people too, in need of gifts to warm the hearts (and stomachs) of even the most Grinch-like CFOs.
Friday, November 20, 2015
BY JASON NORRIS AND MARY FAULKNER
It’s been a volatile year in equities and heading into the holiday season, it doesn’t look like these market extremes will dissipate.
|The Love Boat|
|The Food Pod Grows Up|
|Tinker, Tailor, Portland Maker|
|The High Road|
|The Shift to Community Health Care|
|The Harder They Fall|
|Another chapter to the Bezos/Musk space race story|
|Thanksgiving travel: Fuel costs low, terrorism anxiety high|
|Costco chicken salad linked to E. coli case in Washington|
|Nestle comes clean about benefitting from slave labor|
|Enormous drugmaker emerges from Pfizer, Allergan deal|
|Startups joining lobbying game|
|Merchants complain as Square goes public|
Economic diversity has proven a smart strategy for the Port of Hood River. How can other Oregon communities replicate the model?
Phone, Internet needs of small community school districts earn attention of top-five telecom provider.
Farmland LP grows its vision for organic farming in Oregon.
The Salem Convention Center has capped its tenth anniversary year by earning the prestigious “Best of the Best 2015” award from NW Meetings & Events magazine. Selected as the Best Convention/Conference Venue in Oregon by meeting and event planners from Alaska, British Columbia, Idaho, Oregon and Washington, the Salem Convention Center ranked above the Oregon Convention Center and the Portland Art Museum.
The Oregon Cooperative Hall of Fame honors individuals for their outstanding contributions to the successful building and operation of Oregon agricultural cooperatives.
Health insurer reports $10.2 million in net income after taxes through the first nine months of 2015.