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By Taxpayers Association of Oregon Foundation
Another business has abandoned downtown Portland, this time Hoffman Construction, the state’s largest privately owned company, which is relocating its headquarters on Jan. 25 to 5500 Meadow Road in Lake Oswego. Dan Drinkward, the company’s vice president, said Hoffman paid $34 million to occupy 50,000 square feet on two of the five floors in the 108,000-square-foot building erected in 2009. The company has increased its number of employees to more than 700, which Drinkward said in August 2023 prompted the decision to leave the Fox Tower on Broadway. The Business Journal listed Hoffman as one of its fastest-growing companies with revenue jumping from $1.9 billion in 2021 to $5.6 billion in 2023.