Monday, July 23, 2007

Weston Investment Co. Donates Building

PORTLAND, Ore. — The Oregon Community Foundation announced that Weston Investment Company LLC has donated the Commonwealth Building to the OCF Joseph E. Weston Public Foundation.

The building, worth approximately $30 million, was designed between by architect Pietro Belluschi from 1944 to 1948. Located at 421 S. W. Sixth Avenue, it is listed on the U. S National Register of Historic Places. Characterized by aluminum and sea-green glass, the building was the first in America to be fully sealed and air conditioned using heat pumps, which were cutting edge in the 1940’s and 1950’s.

Joe Weston, owner of Weston Investment Company, established the OCF Joseph E. Weston Public Foundation in 1991 to receive some of the wealth and property he accumulated through his company. The OCF Joseph E. Weston Public Foundation, administered by OCF, will now have total assets of nearly $92 million, generating nearly $2.5 million annually for grant awards.

The OCF Joseph E. Weston Public Foundation supports a wide range of charitable and educational programs in the greater Portland area and in Oregon that have well developed missions, a broad base of financial support and a strong volunteer base and that benefit children, the working poor, the physically and mentally challenged, senior citizens and the homeless.

Portland-based Weston Investment Co. owns nearly 3,000 apartments and 2.5 million square feet of commercial real estate in the Pacific Northwest.

Founded 34 years ago, the Oregon Community Foundation (OCF) works in partnership with individual, family, business and organizational donors to improve the lives of Oregonians through philanthropy and by building an endowment - now more than $900 million - for Oregon's future. OCF provides more than $48 million annually in grants and scholarships statewide.

Weston Investment Co. has a history of supporting the Portland community, the city where it is based. The company focuses primarily on donations that will help the poor. Company founder Joe Weston is a noted philanthropist, and it would be nice if others in his industry would follow his lead.

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