Adidas America Inc. has put its North Portland headquarters up for sale, according to a report in the Portland Business Journal. The company is looking to lease back the facility in a money-saving move and a spokesperson said the brand remains committed to the Portland region.
According to a flyer announcing the property's availability, Adidas is looking for a buyer that will lease the eight-year-old, 320,000-square-foot campus back to the company for 10 years.
“There are several business and financial reasons we are considering a sale-leaseback transaction, the most important being that it would free up funds which we can reinvest in our brand, employees and community in which we operate,” said spokeswoman Lauren Lamkin, in an e-mail to the Portland Business Journal. “Adidas remains committed to continuing our strong local presence in Portland.”
The campus includes five office buildings and an athletic facility and has a market value of nearly $88.8 million, according to Multnomah County property tax records.
According to the flyer, Adidas would pay $15 per square foot in rent, including 2%annual escalators, providing the eventual buyer with first-year operating income of $4.8 million.
Adidas bought the site of the former Beth Kaiser hospital at 5055 N. Greeley Ave. in 1999. The $90 million development opened in 2002, allowing the company to consolidate its offices in Northeast Portland and Beaverton.
