KBS bought the 16-story Meier & Frank Building in downtown Portland, Oregon, in November 2016 for $54 million. It bought through a joint venture with private development firm Sterling Bay. The plan was to turn part of the old department store into fully leased Class A space, meaning top-tier office and retail space, without losing its historic character.
The terracotta building at 555 Southwest Morrison Street covers a full city block near Pioneer Courthouse Square. Many Portlanders still know it for the phrase “meet me under the clock,” which referred to the clock on the store’s main floor.
