Globe Hotel - Old Town Portland

Beam Development is partnering with the Oregon College of Oriental Medicine (OCOM) to relocate the acupuncture and oriental medicine college (AOM) to the historical Old Town/Chinatown district of downtown Portland. The project will involve the purchase and renovation of the Historic Globe Hotel building, originally built in 1911. Over the last 3 decades, the Old Town/Chinatown district has witnessed a severe out-migration of jobs and businesses as employers left the largely un-restored older building stock in search of less expensive or more modern facilities. The local Urban Renewal Agency has spent several million dollars over the last 5 years in an effort to recruit new business and activity in the district.

The building will have approximately 39,000 SF when complete. OCOM has committed to leasing 30,000 SF immediately with an option to lease an additional 4,500 SF. The Developers have 1 letter of interest from a regional quick-service restaurant chain for an additional 2,400 SF.

Renovation of the Globe Hotel for OCOM will have a significant beneficial impact on the Old Town/Chinatown neighborhood. The high intensity use of a graduate-level educational institution will spur economic activity throughout the district and will bring a “24-hour” presence to the district, greatly benefiting this historically high-crime district that has desperately needed more eyes on the street.