The Premier Gear Office Building is the pinnacle of adaptive reuse. A former industrial manufacturing facility was transformed into a creative office space, featuring soaring ceiling heights and original exposed beams. Originally built in 1923, the former factory spans one city block in Portland’s Northwest District.
PLG funded the property's seismic retrofit, which increases structural resistance to minimize the impact on building productivity, building use and business operation if an earthquake were to occur. Portland and its surrounding region is potentially the most seismically active area in Oregon. Improvements make the building usable for office tenants.
PLG issued two loans for this project. The first loan funded the property's seismic retrofit, while the second loan is retroactive and helped finance carry-over costs and mortgage loan reserves.
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