With the recent acquisition of the Bank of America Financial Center in downtown Vancouver, Portland-based real estate company Schlesinger Cos. is giving the entryway a facelift.
Ankrom Moisan Associated Architects in Portland is in the design phase of upgrading the building’s lobby and common areas to create a polished, contemporary feel, said Interior Designer Bernadette Rubio.
The design will incorporate the large expanse of coral stone that is original to the lobby and remains in good shape, and the carpets likely will be removed and replaced with tan and chocolate brown limestone.
One of the stones that may be used is so new, it doesn’t have name, Rubio said.
The emphasis is on rich textures, in lush fabrics and wall treatments, but a budget hasn’t yet been identified.
Rubio said the designers wanted to incorporate more energy-efficient lighting and make it a brighter, more inviting space for visitors and tenants.
“It’s not enough just to be downtown,” she said. “You want to have the look and feel of a downtown office building. But Vancouver’s still Vancouver, not New York. We wanted it to have a Northwest feeling and be inviting, not so over-the-top. We went with nice and polished, not ostentatious.”
The designers also paid close attention to finding materials that would suit the building’s needs for durability.
Rubio said it’s obvious the path delivery workers take from the service entrance to the elevators because their path is worn into the carpet. Stone will wear much better for years to come, she said.
“It was a great building for when it was built, but we all wanted to make it more inviting and attractive to be in,” Rubio said. “Get people excited about downtown Vancouver again.”
“For some landlords, the existing state of the lobby is fine,” said Josh Schlesinger, asset manager for the Schlesinger Cos. “But we’re committed to our properties and our tenants, and we want to provide our tenants the best.”
Schlesinger Cos. is looking into other tenant amenity upgrades, and has leased a ground floor space to Connie Minn of Oregon, who plans to open the Waterlily Café in the first part of the year.
“We’re invigorating the property,” Schlesinger said, “and hopefully will continue to contribute to the economic development of downtown.”
Schlesinger Cos. developed the 10-story office building, located at 805 Broadway St., in 1982 with Pacific Telecom, which was bought out by Louisiana-based CenturyTel in the 1990s.
For the last 25 years, the companies have shared a 50-50 ownership.
The 275,000-square-foot Class A building is home to a Bank of America branch, Princeton Athletic Club, the Columbia River Economic Development Council, Southwest Washington Workforce Development Council and several law firms.
CenturyTel, which is one of the building’s largest tenants, will remain in the building, and none of the building’s signage will change.
In 2002, CenturyTel completed a company-wide reorganization and consolidated its four corporate offices into three.
Vancouver had been the corporate headquarters of the Western region, which was folded into other regions.
The staffing levels in Vancouver were dramatically decreased and only about 100 employees remained, leaving a large amount of vacant space, said CenturyTel Public Relations Manager Jacquie Goodwill.
“We are in the business of being a telecommunications company, not leasing office space,” she said. “We decided we would be better served to focus on our core competencies and sell the building.”
The timing was right and the opportunity was there, Goodwill added.
With the acquisition, the building – one of the tallest in downtown – is now fully owned by Schlesinger Cos. The company also developed the original Vancouver JCPenney building in the 1950s.
“Our family has invested in this community for more than 50 years and has been a stakeholder in downtown Vancouver for four generations,” he said. “I think we played an influential role in the growth of downtown Vancouver through the development of that building.”
The companies did not disclose the acquisition price. The property is valued at $29.1 million and the building itself at $28.4 million.
“This was a good business move for both companies,” Schlesinger said. “We’re in the real estate business and continually look to acquire and develop properties in the Pacific Northwest. This was one that came to fruition – the timing was right.”
Schlesinger Cos. and CenturyTel may have parted ways as partners, but the two companies enjoy a long history.
Schlesinger Cos. founder Ralph Schlesinger first developed a relationship with Al Gleason of Pacific Telecom – then called Telephone Utilities – which rented office space in one of Schlesinger’s office buildings in Portland.
Telephone Utilities needed more space for its headquarters, and the plan for the Vancouver building emerged.
