Portland’s iconic U.S. Custom House, a symbol of architectural grandeur in the heart of Northwest Portland, is now poised for a foreclosure auction. This once-bustling site, recently vacated by WeWork, has stood empty and under financial strain for years, marking a sharp decline for the storied building.
Borrowers under the name Lazarus House LLC currently owe $20.5 million on a 2017 loan tied to the property at 220 N.W. Eighth Ave. According to a default notice filed with Multnomah County in September, this debt includes more than $19 million in unpaid principal, along with interest and various fees. The notice sets the stage for a foreclosure sale early next year.
From Vibrant Hub to Vacant Landmark
The U.S. Custom House, a distinguished fixture in Portland’s architectural landscape, experienced a resurgence when WeWork transformed it into a co-working space. However, WeWork’s abrupt exit left the building vacant, creating an air of uncertainty around its future. Once envisioned as a thriving hub for modern workspaces, the building now faces a foreclosure that threatens to deepen its fall from grace.