Downtown Portland building sold for $41M

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Tuesday, November 26, 2013

The 14-story Commonwealth Building in downtown Portland traded for $41 million in a deal that closed last month.

Jones Lang LaSalle said the building drew investor interest because it’s positioned to attract technology and creative-class tenants. Unico and its former partner, CIGNA Realty Investors, bought the building in 2007 and shortly after launched a renovation. It’s currently 93.1 percent leased, Jones Lang LaSalle said.

The building, completed in 1948, was designed by architect Pietro Belluschi as one of the first aluminum-and-glass curtain wall office buildings, now common in skyscraper construction.

Read more at OregonLive.com.

 

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There’s a fascinating article in the December issue of the Harvard Business Review about a profound power shift taking place in business and society. It’s a long read, but the gist revolves around the tension between “old power” and “new power” as a driver of transformation. Here’s an excerpt:

Old power works like a currency. It is held by few. Once gained, it is jealously guarded, and the powerful have a substantial store of it to spend. It is closed, inaccessible, and leader-driven. It downloads, and it captures.

New power operates differently, like a current. It is made by many. It is open, participatory, and peer-driven. It uploads, and it distributes. Like water or electricity, it’s most forceful when it surges. The goal with new power is not to hoard it but to channel it.

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This month we also take a look at a controversial new U.S. Securities and Exchange Commission rule requiring public companies to disclose the median pay of workers, as well as the ratio between CEO and median-worker pay. 

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That sounds like a call to arms. Or a New Year’s resolution. Old power or new, the goals are the same: to be a force for positive change in the world. Happy 2015!

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