The Fox Tower Portland: 5 Shocking New Updates On Downtown’s Bellwether Skyscraper (2025)

The Fox Tower, a 27-story commercial landmark that defines the skyline of downtown Portland, Oregon, is far more than just a high-rise office building. As of late 2024 and early 2025, this structure—often colloquially known as the Regal Fox Tower due to its prominent cinema tenant—has become a crucial barometer for the health of the entire downtown commercial real estate market. Its recent activity and potential future are signaling a significant shift in the city’s urban core.

Originally opened in 2000, the tower is now at the center of fresh developments, including major tenant movements, a positive leasing surge, and even the possibility of a change in ownership. These updates provide a unique glimpse into the resilience and future of Portland's high-end commercial properties, making the Fox Tower a must-watch entity for investors and city planners alike.

The Fox Tower Profile: Key Facts and Architectural Legacy

The Fox Tower is a cornerstone of Portland’s downtown architecture, renowned for its distinct stepped-back form which was intentionally designed to respond directly to its urban setting. Its construction was a monumental feat, requiring one of the city's deepest full-block excavations. The building’s legacy is tied to some of the most influential names in Pacific Northwest development and design.

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• Official Name: Fox Tower
• Location: 846 SW Park Ave, Portland, Oregon, USA
• Cross Streets: Broadway, between Yamhill and Morrison streets
• Building Type: Office, Retail, and Entertainment (Mixed-Use)
• Height: Approximately 113 meters (372 feet)
• Floors: 27 Stories
• Total Area: 599,388 square feet (nearly 600,000 sq. ft.)
• Completion Year: 2000
• Developer: Tom Moyer (TMT Development)
• Current Owner/Management: TMT Development (President: Vanessa C. Sturgeon)
• Architectural Firm: TVA Architects
• Construction Contractor: Hoffman Construction
• Sustainability Certification: LEED Gold
• Key Retail Tenant: Regal Fox Tower 10 (a 1,500-seat cinema complex on the second floor)
• Unique Feature: Features a unique jump-formed concrete core that accelerated the construction process.

The Bellwether Effect: Fox Tower Signals a Downtown Revival

In the context of the broader Portland office real estate market—which has struggled with high vacancy rates, especially in the central business district—the Fox Tower has emerged as a beacon of stability and growth. Real estate analysts now view the tower as a "bellwether" for the city's high-end commercial sector, meaning its performance is often seen as an indicator of the market's overall direction.

This positive outlook is grounded in concrete, recent leasing activity. Since the summer of 2023, the Fox Tower has successfully secured new leases with at least 10 different tenants. This significant surge in new occupancy is a strong counter-narrative to the general trend of companies migrating from downtown to suburban office complexes.

The tower’s high-quality design, LEED Gold certification, and prime location on Broadway continue to attract firms that prioritize premium, well-managed downtown space.

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Major Tenant Movements and Ownership Rumors

The stability of the Fox Tower's tenancy has seen some notable shifts and additions in the 2023-2025 period, alongside intriguing rumors about its future ownership.

The Departure of the Original Contractor

One of the most significant recent changes involves the planned departure of Hoffman Construction. The company, which was the original contractor responsible for the tower’s unique construction, had maintained its headquarters within the building for years. This move represents a symbolic, though not necessarily negative, change in the building's tenant mix.

Welcoming Ferguson Wellman

In a major win for the building, the wealth management firm Ferguson Wellman relocated its operations to the Fox Tower. Vanessa Sturgeon, the President of TMT Development, publicly welcomed the firm, noting that their decision reinforced the tower’s reputation as a top-tier business address in the city. This move is another data point supporting the narrative that high-end professional services are recommitting to downtown Portland.

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Potential Sale of TMT Development Assets

Perhaps the most compelling recent update is the news that TMT Development, the owner and original developer of the Fox Tower, may be considering the sale of some of its most iconic Portland skyscrapers. While the specifics of any sale are closely guarded, the inclusion of the Fox Tower in these discussions highlights the immense value and market interest still attached to the property. A potential sale would mark the end of an era for the building, which has been closely tied to the Moyer family and TMT Development since its inception.

The Regal Fox Tower 10: A Cultural Anchor

The building's popular nickname, "Regal Fox Tower," stems from its cultural anchor: the Regal Fox Tower 10 cinema complex. Located on the second floor, this 10-screen, 1,500-seat theater has been a vital part of Portland's entertainment scene since its opening in October 2000. The cinema is well-known for featuring a mix of new-release blockbusters, independent films, and foreign-language cinema, often focusing on Oscar-contending movies.

The continued operation of the Regal cinema, even through challenging periods for the movie industry and downtown foot traffic, is a testament to the tower's successful mixed-use model. The combination of high-end office space, ground-floor retail, and a major entertainment venue ensures a steady flow of both business professionals and cultural patrons, contributing to the vitality of the surrounding area on Broadway.

Maintaining Stability: Recent Incidents and Infrastructure

Like any major urban structure, the Fox Tower occasionally makes news for operational issues. A recent minor incident involving a generator stress test caused an explosion and subsequent building-wide evacuation. These events, while disruptive, underscore the tower’s commitment to rigorous maintenance and infrastructure testing, which is essential for a large commercial building of its size and complexity.

With its robust foundation, LEED Gold status, and the continued strategic management of Vanessa C. Sturgeon and TMT Development, the Fox Tower remains a symbol of modern development in Portland. Its recent leasing successes and the high-profile nature of its potential sale make it the most compelling piece of commercial real estate news in the city for 2025, solidifying its status as a high-value asset and a key indicator of downtown's future.