Tech company buys downtown Portland office building

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Expensify has moved from downtown tenant to property owner.

The tech company purchased the historic Bank of the West building it occupies at Southwest Fifth Avenue and Harvey Milk Street for $10.8 million.

Expensify had leased the space since 2017 following an extensive renovation by Seven Hills Properties, a San Francisco-based real estate investment firm. Seven Hills had purchased the property for $3.2 million in January 2015.

“Tech companies invest a lot into their space and into their infrastructure,” said Buzz Ellis, managing director at Jones Lang LaSalle, who along with JLL Vice President Adam Taylor represented the seller. “They probably looked at the growth they want to have in the market and the uniqueness of their asset, and (decided) to control their destiny.”

The 30,000-square-foot building at 401 S.W. Fifth Ave. was completed in 1916. ZGF Architects led the modern redesign effort.

The sale price was in line with estimates by JLL and underwriters, Ellis said. The price came out to $360 per square foot.

“It bodes well for our market to see these startups and companies like this invest in the region,” Ellis said.

Expensify, based in San Francisco, has about 40 employees in Portland and is hiring more, spokeswoman Rose Grech stated in an email.

“With Portland being such a fun and creative community, we love its vibrancy as it really speaks to our company’s values,” Grech stated. “So we wanted to take the next step by committing to this unique space and place. We’ve worked with various local groups in hosting one-of-a-kind events and we’re excited to deepen our relationships here.”

Seven Hills’ Jonathan Hill stated in a news release it was “gratifying to see Expensify take the reins as it bolsters its presence in the city.”

Expensify, founded by David Barrett in 2008, is an expense and reimbursement management app and software company.