The Pettygrove building on the corner of NW 22nd Avenue and Pettgrove Street in Slabtown, one of Portland’s most desirable neighborhoods, has been purchased by Kensington Investment Group, LLC for $8.65 million. The building totals 45,000 square feet, and was previously owned and occupied by Laika Studios, Phil Knight’s animation studio that produces feature films, music videos, commercials and other media.

Across the street from the building, New Seasons Markets opened its doors on August 6th, 2015. The 28,000-square-foot market is an adaptive reuse of a 1950s warehouse and is a part of a larger master plan including the LL Hawkins, an adjacent apartment building on the same block, which is scheduled to open later in the year.

Plans for the building are described by Kensington Investment Group, LLC as an adaptive reuse, creative office project that will preserve the original brick exterior, high ceilings and oversized windows, while adding a flexible creative floor plan complete with common area showers, bike storage, a new front entry area, and a central courtyard. “The Pettygrove Building is a perfect headquarter location that's easily accessible by transit and bike and offers great restaurants and amenities all within walking distance.” said Kensington Investment Group, LLC principal Robert Jensen. “We love the real estate and we’re excited about the long term future of the neighborhood.” The Pettygrove Building is conveniently located minutes from downtown Portland and is steps away from the Portland Streetcar and Trimet bus line.