IBEW and United Workers Credit Union buys building
IBEW & United Workers Federal
Credit Union has purchased the
25,334-square-foot Class B Lincoln
Building at 9955 SE Washington St.,
Portland.
The credit union has operated out
of that location since 1988, when it
leased 6,000-square-feet of space. To-
day it occupies 51 percent of the
three-story brick building.
CEO Barbara Mathey said the
credit union has continued to grow and
that the transaction fulfills the last of
several goals she and the board of di-
rectors set when she was hired 15
years ago.
With favorable conditions in the
real estate market, the board, which
had been looking for a property to buy
for several years, determined that the
current location best suited its mem-
bers.
“It’s a good investment for the
IBEW and United Workers Federal Credit Union CEO Barbara Mathey
stands in front of the Southeast Portland office building the credit union
purchased in July.
credit union,” Mathey said. “It de-
creases our occupancy expenses and
provides an income-producing asset.
And as owners, we have full control
over all maintenance work, vendors,
and service.”
Mathey said for the time being the
credit union will forego hiring a prop-
erty manager and will take on the role
of landlord. She is in the process of
replacing all nonunion vendors with
unionized vendors.
Current tenants are Lightolier,
Clear Point Solutions, Woodburn &
Landers Accountants, Vern Fronk In-
surance, Dori White Massage Thera-
pist, Moveabilities, Von Borstel & As-
sociates, Stangier Wealth Manage-
ment, Brooks, Turner and Associates.
Two office spaces are available for
rent. One is 2,400-square-feet on the
second floor; the other is 1,400-
square-feet on the third floor. Mathey
would like to see a union local fill the
vacant spaces.
Mathey said the board of directors
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isn’t planning any major renovations
in the near future, other than sprucing
up paint, floors, and landscaping. A
second-floor conference room will be
remodeled and made available to rent
for union meetings and other func-
tions.
Built in 1979, the property covers
1.13 acres between Washington and
Stark streets in Southeast Portland,
across from Mall 205. The building
has monument signage, close access to
I-205 and I-84, and is within walking
distance to the Gateway Transit Cen-
ter.
IBEW and United Workers Federal
Credit Union has 13,500 members
with $75 million in assets. Its 18 em-
ployees are members of Office and
Professional Employees Local 11.
The board of directors is comprised
of Chair Bruce Zimmerman, Vice
Chair Bruce Dennis, Treasurer Tim
Carrier, Secretary Lee Duncan, Direc-
tors Dan Maher, Mike Carnahan, Jill
Monti, and Walt Caudle, and Supervi-
sory Committee members Elaine Von
Wald, Terence King, and Terry Riegle.
IBEW & United Workers Federal
Credit Union is open to members, re-
tirees, and families of 17 union groups,
including locals of Asbestos Workers;
Bricklayers & Allied Craftworkers;
Carpenters; Cement Masons; Labor-
ers; Drywall & Lathers; Floor Cover-
ers; Glass Workers Hotel & Restaurant
Employee; IBEW; Elevator Construc-
tors; Needle Trades Industrial & Tex-
tile Employees; Office and Profes-
sional Employees; Painters; Plasterers;
Roofers; Sheet Metal Workers; Studio
Mechanics and Industrial Manufactur-
ing-Maintenance Employees.
Credit union members have access
to over 2,000 credit union locations
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