The shockingly low sale of a multimillion-dollar office building in Portland, Oregon highlights just how abysmal the state of the woke city's property market really is.
HMH, a publisher and education technology company, sold the seven story, Everett Building for $11million on April 13, according to The Oregonian.
Just over a decade ago, in 2015, NWEA - a nonprofit education research group - purchased the building for $47.3million.
The nearly 77 percent decrease in loss value can partly be attributed to the COVID-19 pandemic, which prompted many companies to move to a completely remote working model.
Additionally, the city has a notorious homeless issue, as well as being a hotbed for protests.
The office building at 121 N.W. Everett St in the Old Town neighborhood was purchased by the social services nonprofit Central City Concern in its most recent sale.
The substance abuse and recovery business renamed the property the Larry and Pamila Naito Recovery and Employment Center.
The property's value peaked sharply before entering a steady decline.
NWEA, a nonprofit education research group, sold the seven story, Everett Building for $11million on April 13 to Central City Concern
The office building at 121 N.W. Everett St in the Old Town neighborhood renamed the Larry and Pamila Naito Recovery and Employment Center and sits within the Old Town area of the city
After being developed in 1999 for $20million as the Port of Portland's offices, it was sold to Washington Holdings, a real estate investor, in 2008 for $29.2million.
NWEA began its tenure at the property in 2015 before being acquired by HMH in 2023.
According to the outlet, the research group transferred the property to HMH as part of the deal.
Ultimately, Central City bought the building from the publisher at its lowest price ever, while claiming it was still in great shape.
'We felt it critical to maintain our roots in Old Town, so when the opportunity presented itself with this building, we took it,' Laura Recko, a spokesperson for the nonprofit, told The Oregonian.
'The building is in excellent condition and contains a lot of amenities.'
Additionally, Recko added that the new facility will enable the company to serve more clients, expand program offerings, and provide more space for both clients and staff.
The property values of other office buildings have suffered similar fates.
Just over a decade ago, in 2015, the research group purchased the building for $47.3million. However, issues like homelessness in the area and the COVID-19 pandemic may have contributed to the real estate market's decline
The city is also a hotbed for protests. Pictured: Demonstrators gather to march for the No Kings demonstration on October 18, 2025, in Portland
Notably, some of the city's largest office spaces sold for nearly 90 percent below their purchase price.
The Big Pink building, one of the largest offices in the city, sold for $45million in 2025 after it previously sold for roughly $375million in 2015, according to the outlet.
Similarly, Northwest Portland’s Montgomery Park was purchased for $33million in 2024, after losing about 87 percent of its value from its sale in 2019.
Several users online mocked and shared their perspective on the shockingly low sale in a forum on Reddit.
One person wrote: 'Prime commercial real estate being owned and occupied by a substance abuse and recovery business is peak Portland.'
'The death spiral has started and sadly there is no fix,' another added.
While a third wrote: 'A commercial real estate bloodbath has been inevitable since Covid forced people to work from home, and everyone realized WFH was superior in almost every measure. Sucks for those heavily invested in office buildings, but the new owners of these things are getting a great advantage from the big reset.'