Columbian building hits the market

Facing bankruptcy, newspaper plans return to former headquarters

BY CHARITY THOMPSON of the VBJ

The new Columbian headquarters building was listed for sale during the week of Oct. 6 for $41.5 million. The building is owned by Downtown Vitality Partners, a business held by the Campbell family, which also holds The Columbian Publishing Co.

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Facing the possibility of bankruptcy, The Columbian will return its employees by early 2009 to the former headquarters on Eighth Street in Vancouver, where it was housed until January.

The newer, six-story building at 415 W. Sixth St. is listed for $41.5 million, said Chris Johnson, executive vice president and principal for the Portland office of NAI Norris Beggs and Simpson. Johnson would not disclose the number or names of interested buyers, but said, “We’ve got good interest.”

The city of Vancouver is at least one entity considering purchase of the building. In a memo sent to city employees Oct. 9, City Manager Pat McDonnell said, “We can’t afford to let this opportunity pass without at least looking into it further.”

The city’s 400 employees currently work out of five leased locations, costing the city more than $2 million per year, according to the memo.

“Those leased sites were meant to be a temporary solution. Instead, they have become a budget burden with yearly inflationary increases,” McDonnell said.

The city’s decision would depend on a several-month due diligence process and approval of the city council.

Three commercial leases currently in place at The Columbian’s new building would transfer to a new owner, Johnson said. The 118,000-square-foot building is certified at the gold level by the United States Green Building Council’s Leadership in Energy and Environmental Design rating system.

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