Buyer found for 100 year-old Multnomah County Courthouse

September 20, 2018 by  

The Multnomah County Central Courthouse, which the county has decided to vacate in 2020, is to be sold to NBP Capital.

The Portland-based purchaser plans to renovate the century-old central courthouse in downtown Portland. The company has agreed to buy the building for $28m, and then lease it back to Multnomah County for two years rent-free, at which time the new courthouse should be complete.

Once approved by the county commissioners, NBP will have a 30-day period to inspect the courthouse property. Following the inspection period, a maximum of 30 days would be given for closing.

Since 1979, the courthouse has been on the National Register of Historic Places and therefore changes to the structure’s exterior are restricted as per city code. Moreover, demolition of the building would need the Portland City Council’s approval. The county estimates that the extensive upgrades needed to make the building earthquake compliant will likely be in excess of $70m.

How NBP will use the building has not be revealed. Many companies employ a professional banner printing service once their renovations are well underway to inform the public of what is coming and build anticipation.

The purchase price of the current courthouse will be used to help pay for the construction of the new one presently being built near the Hawthorne Bridge.