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June 26, 2022

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Former Vancouver City Hall, other buildings for sale

Package of 3, owned by Firstenburgs, is going for $28.6M

By , Columbian Innovation Editor
Published:

Three prominent downtown Vancouver office buildings are for sale, including the former Vancouver City Hall.

Grouped into one package, the three nearby buildings include 1220 Main St., 1207 Washington St. and 210 E. 13th St. The price for the three is $28.6 million, or $283.28 per square foot.

The buildings’ owner, the Firstenburg family, wants to sell them while the market will yield a high return, and the family wants to focus more on philanthropy, said Eric Fuller, CEO of Eric Fuller & Associates, the broker for the property.

“This is a good market,” Fuller said. “The lack of inventory of stable commercial real estate is very low in the Portland metro area. There is still plenty of pent-up demand from equity investors.”

Fuller said the buyers will likely not be local, as the rental market rate is able to draw attention from West Coast or national buyers.

The three buildings total 101,152 square feet of Class A office space, and they are about 95 percent leased, Fuller said. The buildings are expected to generate $1.7 million in rents in the first year, according to the listing.

The buildings have all had recent renovations: The two-story 1207 Washington St. building was built in 1972 and renovated in 2020. It was once the downtown branch of First Independent Bank. It connects to the multistory 1220 Main St. building, which was built in 1979 and renovated in 2021, and houses Amaro’s Table on its ground floor. The three-story 210 E. 13th St. building, the former city hall, was built in 1966 and renovated in 2014. It includes 116 parking spaces.

The Firstenburg family has a strong history of philanthropy in Clark County. The legacy started with Ed W. Firstenburg purchasing Ridgefield State Bank in 1936 and turning it into First Independent Bank. The Firstenburg family founded a 501(c)(3) in 2004 and sold the banking company in 2011.

Ed and Mary Firstenburg donated $15 million to the hospital now called PeaceHealth Southwest Medical Center. They also gave $3 million to help create the Firstenburg Community Center in east Vancouver.

Ed Firstenburg died in 2010 at age 97, and Mary Firstenburg died in 2009. Their descendants — including Bruce, Jeffrey and William (Bill) — continue to be active donors in the community through the Firstenburg Foundation.

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