Portland Real Estate Firm Honored for Rehabilitation of Crane Building
Portland, OR — Guardian Management LLC (Guardian), a Portland-based real estate firm, is being awarded the 2007 Project of the Year Award in the Adaptive Reuse Category by Multifamily Executive magazine.
The firm’s $22.3 million renovation of the historic Crane Building in downtown Portland received the top honor among roughly 170 award submissions. Guardian will be recognized at a special gala event held Oct. 3, 2007, at the Multifamily Executive Conference in Las Vegas.
“The Crane Building has been a special project for us, and we are extremely proud of this honor,” said Tom Brenneke, owner and president of Guardian Management LLC. “As a Portland-based firm, we are committed to fostering development in our own community. Rehabilitating the Crane Building has not only preserved an important local landmark, but it has also provided a new home for Guardian Management as we continue to grow our business throughout the western U.S.”
The Crane Building is a seven-story, mixed-use, brick and concrete building located in Portland’s Pearl District. Originally constructed in 1909 by The Crane Company, the building was the regional headquarters and distribution facility for the Chicago-based pipe fitting and plumbing company.
In 1963, it was purchased by American Rag and Metal and used as a rag and clothing processing facility. The 90,000 square foot building originally contained six floors and an adjacent single level shipping and staging warehouse.
Today, the Crane Building reflects an emerging trend to “recycle” underutilized historic buildings in Portland’s core. Once an industrial facility, the Crane Building now features seven floors dedicated to various uses: retail on the ground floor, office space on the second and third floors, and residential space on the remaining floors, including 30 market-rate lofts on floors four through six and two luxury penthouses on a newly constructed seventh floor. Restoration on the Crane Building began in October 2005, and the building received a comprehensive seismic retrofit.
The Crane Building’s historic designation required maintaining the integrity of the original exterior and brick work, and numerous partnerships were critical to bringing Guardian’s vision to fruition.
Chevron TCI, Inc. purchased tax credits, and Heritage Consulting Group advised on strategies for maximizing value and preserving historic details of the building. Walsh Construction Company served as general contractor, and the architects were SERA Architects and Emmons and Associates.
