The Merchant Bank Building in downtown Portland just changed hands for $1.2 million, public records show, a price that reads like a clearance tag for a late 19th century structure sitting in the city core. The deal undercuts both the building’s recent asking price and what it fetched the last time it sold in 2019.
According to KGW, public records list Gilbert Leon as the buyer and show the transaction was recorded in March 2026 for $1.2 million. Local brokers say the sale followed a period of stalled renovations and shifting ownership that kept the property in limbo.
How deep the discount was
The $1.2 million sale price comes in at roughly 38 percent below the $1.95 million asking price that appeared on marketing materials when Kidder Mathews listed the building in November. That listing and brochure are posted on LoopNet, which puts the building at just over 28,000 square feet. Compared with the roughly $6.1 million ENT Ventures III paid in 2019, the new recorded sale reflects about an 80 percent decline, a drop that has caught the eye of local real estate watchers.
Old building, stalled plans
The Merchant Bank Building dates back to the 1890s and once housed long-running downtown businesses. In more recent memory it was known for Greek Cusina. As KGW reports, Columbia Pacific Advisors took control of the property in 2023, and a planned jazz venue from 404 Entertainment never opened its doors. Brokers say recent capital work, including seismic upgrades, a new elevator and HVAC improvements, has been completed, but fully finishing the project will still take more investment.
Buyer steps into renovations
The buyer was represented by Colliers agents Jamison Shields, Robbie MacNichol and J.T. Sand, according to a LinkedIn post by Shields. In that post, Shields wrote that the property’s “major capital improvements” such as seismic work, a new elevator and upgraded HVAC should set the stage for the buyer to “finish the renovation” and bring new life to a key signalized corner in the downtown core. Colliers did not immediately respond to a request for comment…