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Tied with San Francisco, but considerably more affordable, Portland registered an Overall Office Vacancy Rate of 11.2%, the lowest level since the peak of activity in 2008.

Tied with SanFran for lowest office vacancy

Oregon ranks #1 among the states when it comes to the portion of the GDP which can be attributed to manufacturing. Oregon’s manufacturing, specifically durable goods, continues to be a strong contributor to our economy. Durable good manufacturing is very cyclical and jobs are directly tied to overall output. This will bode well for Oregon’s employment as production continues to accelerate.  A trend of expanding and bringing manufacturing back into the states, “reshoring”, has recently been seen in Portland by the likes of Oracle and Shimadzu.

OR GDP is 29% manufacturing

OR GDP is 29% manufacturing

Jones Lang LaSalle Portland creates a Chart of the Week (fondly coined the COW) which shows various trends and change in our area vs. the rest of the U.S.  When it comes to technology, food, and transportation we often rank near the top. This week, in addition to some noteworthy technology firms gaining traction on the national scene, Portland also ranked high for women entrepreneurs.

COW

Forbes Most Promising Tech Firms and Women Entrepreneurs

Oregon ranked #2 for inbound residential migration, just behind Washington D.C.  One might consider D.C. a bit of a salad spinner given the primary employment is government and that rotates frequently.  New Portland residents are moving from:

1. California

2. Texas

3. Arizona

4. Illinois

5. New York

COW_Portland_February 21_

Dachis Group (formerly XPLANE and StepChange) made a move into downtown Portland from the Pearl District in early Spring (March/April), effectively doubling their office space. Merging two companies under one roof was no easy task, so it was key that everyone felt the new office space supported the culture of the firm in Portland. 

After an extensive search, a location was identified in the Commonwealth Building on SW Sixth Avenue. It is on the ground floor and has its own entrance and a mezzanine level. Previously occupied by an architecture firm, the space features exposed concrete ceilings, huge windows and an old safe. The look ties nicely to the creative vibe Dachis desires.  The location places them in close proximity to mass transit, food carts, and all the energy of the downtown core.

A major build out included 7-8 small conference/collaborative workrooms and 2 large conference/presentation rooms.  An extensive kitchen with adjoining lounge to accommodate ping pong and shuffleboard was added to create a relaxing and fun hang out area for everyone. The mezzanine level is a winding curve shape affixed atop several large concrete pillars and provides some interesting opportunities for peeking down onto common areas.  A fading frosted glass technique was used on the windows to prevent pedestrian traffic from seeing in while still allowing natural light into the space. Building amenities include a fitness center, showers, lockers and secured bike storage for those who commute on two wheels.

All in all, one very cool space for thinking creatively.

Client: Dachis Group

Building: Commonwealth Building

Address: 421 SW Sixth Avenue, Portland, OR

Size: 18,097 RSF

dachis open workstations

view of fading frosted windows

mezzanine dev workstations

lounge area

TechDex (apps|provider|hardware|var)

Central Business District

EcoZoom – U-Store West | 2820 NW Nela St | 2,389 RSF

Elemental Technologies – Broadway Commons | 225 SW Broadway | 16,730 RSF

Westside

Technocom – Canyon Creek | 7929 Burns Way – Wilsonville | 10,360 RSF

Mainstreet Software – Nimbus Corp Ctr | 9600 SW Nimbus Ave | 3,635 RSF

IBM – Amberglen Corp Ctr | 1385 NW Amberglen Pkwy | 24,807 RSF

Clear Channel - Triangle Pointe | 1333 SW 68th Pkwy | 25,859 RSF

USF Reddaway – SouthCenter – Bldg H |7720 SW Mohawk St | 24,113 RSF

Applied Materials – AmberGlen Business Ctr | 20575 NW Von Neumann Dr | 20,637 RSF

Eastside

Vendscreen – Cascade Station | 9600 NE Cascades Pkwy | 5,637 RSF

Vancouver

Advantel – VancouverCenter | 700 Washington St | 3,230 RSF renewal

NXP Semiconductors – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 1,240 RSF renewal

Jenkon – Park Tower Biz Ctr | 203 SE Park Plaza Dr | 10,257 RSF

MediaDex (traditional|digital|research)

Central Business District

ThinkType – Lombard Building | 224 SW First Ave | 2,500 RSF

MP Event Productions – Pythian Bldg | 918 SW Yamhill | 10,000 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Schulte Anderson Downes Aronson Bittner – Paulson Bldg | 811 SW Naito Pkwy | 8,568 RSF renewal

S.R. Smith LLC – Andrus Building | 227 NW Third Ave | 3,043 RSF

Eastside

Concannon Lumber – Pacific Plaza | 2950 SE Stark St | 3,124 RSF

Land Use Consulting – Whitaker Way Industrial Pk | 13115 NE David Circle | 3,576 RSF

Westside

Thenell Law Group – Pacific Parkway Ctr | 12909 SW 68th Pkwy | 3,400 RSF

Robyn’s Nest Property Mgmt – Murrayhill Marketplace | 14780 SW Osprey Dr | 2,499 RSF

Academy Mortgage – Three Centerpointe | 3 Centerpointe Dr | 2,201 RSF

Life Safety Corp - Sunset Hwy Biz Pk | 23710 NW Clara Lane | 2,953 RSF

Diversified Consultants – SouthCenter | 7575 SW Mohawk St | 12,927 RSF

Voyager Enterprises – Cornell Center | 16155 NW Cornell Rd | 1,794 RSF

Vancouver

Susan Gregg Insurance – The Timbers | 9120 NE Vancouver Mall Loop | 1,275 RSF

Precision Lumber - Park Tower Biz Ctr | 201 NE Park Plaza Dr | 1,786 RSF

Grant Gehrmann Law – Park Tower Biz Ctr | 203 SE Park Plaza Dr | 1,585 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Legacy Health – Cornell Medical Plaza | 1960 NW 167th | 13,618 RSF

Forbes Optical – Willamette Marketplace | 2020 W Eighth | 1,871 RSF

Pacific NW Renal Svs – Sunset Oaks Ctr | 5333 W Baseline Rd | 7,234 RSF

Central Business District

Oregon Eye Specialists – Willamette Park Plaza | 6420 SW Macadam Ave | 3,673 RSF

GovDex (government)

Eastside

Pacific States Marine Fisheries – River Park Center | 205 SE Spokane St | 15,407 RSF renewal

SALE

Property: First Tech Credit Union

Address: 3555 SW 153rd Drive, Beaverton, OR

Size: 50,000 RSF

Price: $11,640,000

Buyer: FT Equities

Sellers: 1438 I Street LLC and PKM Properties II LLC

 

 

Property: Macleay Apartments

Address: 1931 NW 29th Avenue, Portland, OR

Size: 14 units

Price: $1,800,000

Buyer: Atherton LLC

Seller: Gafco Properties LLC

 

 

Property: Sara Ann Apartments

Address: 2255 NW Johnson Street, Portland, OR

Size: 16 units

Price: $1,450,000

Buyer: Sara Ann LLC

Seller: Gafco Properties LLC

 

 

Property: Charlotte Rose Apartments

Address: 2235 NW Johnson Street, Portland, OR

Size: 16 units

Price: $1,400,000

Buyer: Charlott Rose LLC

Seller: Gafco Properties LLC

GovDex (government agencies)

Vancouver

US Forest Service – Gifford Pinchot Building | 10600 NE 51st Circle | 40,664 RSF renewal

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Norpac – Arneson Building | 4350 SW Galewood Rd | 20,844 RSF

D. Hawes & Associates – Hilltop Business Ctr | 7360 SW Hunziker Rd | 2,003 RSF

Central Business District

Kerns & Thompson – Harrison Square | 1800 SW First Ave | 7,100 RSF

Eastside

Medallion Forest Products – Portland International Plaza | 8338 NE Alderwood Rd | 2,613 RSF

Active Telesource – Minthorn Business Center | 4099 SE International Way | 11,228 RSF

TechDex (apps|provider|hardware|var)

Westside

Duggal – 15350 SW Sequoia Parkway | 2,577 RSF

AZAD – 217 Corporate Center | 6600 SW 105th Ave | 2,337 RSF

Synergy Business Solutions – PacTrust Business Ctr | 16250 SW Upper Boones Ferry | 4,090 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Medical Staffing Network – Riverside Centre | 5100 SW Macadam Ave | 2,345 RSF

Eastside

Pacific NW Renal Services – International Corp Ctr | 11909 NE Glenn Widind Dr | 11,850 RSF

 

SALE

Property/type: Industrial and retail

Address: 13921 SW Tualatin Sherwood Rd, Sherwood OR

Size: 60,000 SF

Price: $3,600,000

Buyer: Amerco

Seller: Tercek Properties LLC

 

Property/type: Retail Center

Address: 18540 SW Farmington Rd, Beaverton OR

Size: 9,017 SF

Price: $1,800,000

Buyer: Sun & Khu Kim

Seller: Allen Trust Company for William Angelos

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Hansen Hunter – Nimbus Corp Center | 8930 SW Gemini | 7,556 RSF

E-Business International – Beaverton Creek | 3003 SW 153rd | 10,031 RSF

Vancouver

Directors Mortgage – Kirkwood Business Ctr | 2105 NE 129th Ave | 2,566 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Forix – Jefferson Office Park | 2120 SW Jefferson St | 3,093 RSF

Westside

Vishay Intertechnology – Amberglen Business Ctr | 1600 NW Compton | 1,868 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Pivot Learning – Electric Building | 621 SW Alder St | 9,000 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Diamond Physical Therapy – Jackson Business Ctr | 7800 SW Durham Rd | 7,088 RSF

 

SALE

Property: Arbor Creek Apartments

Address: 3280 SW 170th, Beaverton, Oregon

Size: 440 units

Price: $35,500,000

Seller: Kennedy Wilson

Buyer: Holland Partners Group

 

Property: Kelly Green Apartments

Address: 252 NE Kane Drive, Gresham Oregon

Size: 25 units

Price: $1,520,000

Seller: Jaroslav Hass

Buyer: Kennewick Man LLC

TechDex (apps|provider|hardware|var)

Central Business District

Syn-Apps – 1100 Building | 1100 NW Glisan St | 2,617 RSF

NonProfDex (charitable|education|trade assoc)

Eastside

Summer College – 8338 NE Alderwood | 8,827 RSF

Westside

Democratic Party of Oregon – Hall Retail Plaza | 10120 SW Hall Blvd | 2,730 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

InfoGroup Northwest – One Centerpointe | 1 Centerpointe Drive | 3,948 RSF

Vancouver

JEC – Columbia Tech Center | 1499 SE Tech Ctr Pl | 1,764 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Zoomcare - Standard Insurance Ctr | 900 SW Fifth Ave | 1,800 RSF

OHSU – Fifth Avenue Bldg | 1400 SW Fifth Ave | 8,227 RSF

Bridgetown Physical Therapy – Crown Plaza | 1500 SW First Ave | 4,429 RSF

Westside

Beaverton Eye Health – Progress Ridge Town Sq | SW Murray Blvd & Barrows Rd | 1,213 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

River Network – Police Building | 209 SW Oak St | 3,365 RSF

GovDex (government)

Eastside

FBI – Cascade Station | 9109 NE Cascades Parkway | 134,159 RSF new construction

DesignDex (A/E|apparel|graphic d)

Central Business District

Snow Peak – Dale Building | 410 NW 14th Ave | 10,000 RSF

Garmont – 308 NW 11th Ave | 2,101 RSF renewal

Kennedy/Jenks – 200 Market Bldg | 200 SW Market St | 14,500 RSF downsize

MediaDex (traditional|digital|research)

Central Business District

Saga City (Portland Monthly) – Pittock Block | 921 SW Washington St | 11,850 RSF

Forensic Research & Analysis – Gregory Building | 425 NW 10th | 2,200 RSF

Campus Marketing Specialists – Yamhill Plaza | 815 SW Second Ave | 1,730 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Multnomah County Defenders – Lloyd Corp Plaza | 847 NE 19th | 3,968 RSF

Guardian Residential Lending – One Main Place | 101 SW Main St | 2,400 RSF sublease

Westside

Thenell Law Group – Pacific Parkway Ctr | 12909 SW 68th Pkwy | 3,400 RSF

 

MediaDex (traditional|digital|research)

Vancouver

Integrated Cloud Intelligence – 1331 Washington St | 1,800 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Synotac Design – Oregon Trail Bldg | 333 SW Fifth Ave | 2,366 RSF

Sensory Inc – Design Center | 735 SW 20th Place | 3,637 RSF

Geoloqi – Auditorium Bldg | 920 SW Third Ave | 3,833 RSF

Vizify – Stevens Bldg | 812 SW Washington St | 1,137 RSF

Westside

Ultra Clean Technology Systems – Cascade Square | 8625 SW Cascade | 1,209 RSF

Integrated Surveillance and Defense – Canyon Creek Biz Pk | 25999 SW Canyon Creek | 5,000 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Strategic Wealth Managment – Pacific Financial Ctr | 12205 SW Tualatin Rd | 1,380 RSF

Comprehensive Insurance Svs – 18662 SW Boones Ferry Rd | 1,950 RSF

RP Northwest – 940 SW Beaverton-Hillsdale Hwy | 2,644 RSF

Central Business District

Hart Wagner - 1000 Broadway Bldg | 1000 SW Broadway | 32,862 RSF renewal

Vancouver

GE – Barrett Bldg | 6100 NE Parkway Dr | 6,170 RSF renewal

FunDex

Central Business District

An Affair to Remember – 2121 NW Front Ave | 11,984 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

No Worries Corp – Nimbus Corp Ctr | 9030 SW Gemini Dr | 3,233 RSF

Central Business District

Therapeutic Associates – Mikado Building | 117 SW Taylor St | 3,610 RSF

 

SALES

Property Type: Industrial

Address: 11316 NE Highway 99, Vancouver, WA

Seller: BMC West Corp.

Buyer: D.E. Legacy LLC

Price: $1.67 M

Size: 18,800 SF

 

Property Type: Industrial – Oregon Spice Warehouse

Address: 13320 NE Jarrett, Portland, OR

Seller: SF 138 LLC

Buyer: 138 Jarrett LLC

Price: $1.7 M

Size: 23,103 SF

MediaDex (traditional|digital|research)

Central Business District

Fluid Market Strategies – Broadway Building | 625 SW Broadway | 3,336 RSF expansion

Salt Communications – Jackson Tower | 806 SW Broadway | 1,792 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Monsoon – Tech Arts Block | 520 NW Davis St | 17,764 RSF renewal

Meridian Apps – Graphic Arts Bldg | 108 NW 9th | 2,022 RSF

Night & Day Studios – Terminal Sales Bldg | 1220 SW Morrison St | 1,000 RSF

Vancouver

Simplexity Product Development – One Tech Center | 1499 SE Tech Center Dr | 1,402 RSF

HTG Inc – Columbia Business Center | 2801 SE Columbia Way | 23,024 RSF sublease

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Kinetic Integration Sports Injury Rehab – 625 NW 17th Ave | 6,810 RSF

City Chiropractic – Jackson Tower | 806 Broadway | 2,832 RSF

Westside

Levison Dental - Oswego Towne Square | 9 Monroe Pkwy | 2,110 RSF

Whole Family Wellness Ctr – 1340 SW Bertha Blvd | 1,511 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Lorber Greenfield & Polito – Columbia Square | 111 SW Columbia St | 4,936 RSF

Avant Assessment – Harrison Square | 1800 SW First Ave | 4,140 RSF

Hawkins Delafield & Wood – 200 Market Bldg | 200 SW Market St | 5,500 RSF

 

SALES

Property: Madison Office Condos

Address: 1140 SW 11th Street, Portland, OR

Buyer: Cocobolo LLC

Seller: Madison Place 4th Floor Holding LLC

Size: 6,193 RSF

Price: $1,580,000 or $255/RSF

The Skyline market for Portland, Oregon is defined as the major market movers, or those assets that have a significant impact due to their size, quality of space or iconic status. Averaging 430,000 square feet, all buildings included offer Class A space and are situated in the most prominent, highly desired locations. Among the key indicators for inclusion or exclusion in this set are rent levels and/or value levels. The current threshold requires that buildings consistenly garner rents greater than $25.00/RSF full service gross and achieve the highest sales prices in the Portland market (generally in excess of $300/RSF). Due to the increasingly competitive Portland, Oregon office market, the scale for rents and sale prices will fluctuate from time to time and buildings will be added and removed from this segment of the market.

Jones Lang LaSalle (NYSE:JLL)

Portland_Skyline_Winter_2012

GeneralBizDex (consulting|finance|insurance|legal|other)

Vancouver

Aacres – Thurston 500 | 4317 NE Thurston Way | 2,620 RSF

GE – Barrett Building | 8100 NE Parkway Dr | 6,170 RSF

Union Pacific – Park Tower 3 | 222 NE Park Plaza Dr | 3,925 RSF renewal

Action West – Park Tower Addition | 201 NE Park Plaza Dr | 4,822 RSF renewal

Legacy Group Lending - Park Tower 4 | 12500 SE Second Circle | 1,565 RSF renewal

Joemar – Park Tower 5 | 13115 NE 4th St | 2,290 RSF renewal

Central Business District

Atlantic and Pacific Real Estate – 4800 SW Macadam Ave | 3,472 RSF sublease

Mass Ingenuity – Water Tower | 5331 SW Macadam Ave | 2,429 RSF

Westside

Omego Morgan Holdings – 23780 NW Huffman Rd | 2,880 RSF sublease

Eastside

Clear Skies Virtual Events – Hollywood Station | 4224 NE Halsey | 2,415 RSF

Cobalt Mortgage – Sunnyside Plaza | 10001 SE Sunnyside Rd | 2,290 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

American Rivers – Loyalty Building | 317 SW Alder St | 2,992 RSF

NonProfDex (charitable|education|trade assoc)

Eastside

Gresham-Barlow Schools – Gresahm Corp Ctr | 1550 NW Eastman Pkwy | 4,488 RSF

Central Business District

Childroots Northwest – 1740 NW Flanders St | 7,912 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Neighborhood Health Center - Beaverton Plaza | 3720 SW 141st Ave | 3,005 RSF

Central Business District

Pearl Dental – Nine Three Seven Condos | 937 NW Glisan St | 2,098 RSF

DesignDex (A/E|apparel|graphic d)

Eastside

Compass Engineering – Minthorn Biz Center | 4107 SE International Way | 4,708 RSF

Central Business District

Lease Crutcher Lewis – 1135 SW Alder St | 15,569 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

St. Louis Natural Gas Pipeline – Bank of America | 121 SW Morrison St | 4,812 RSF

Shell Energy N.A. – Bank of America | 121 SW Morrison | 2,390 RSF

Confluence Wealth Mgmt – PacWest | 1211 SW Fifth Ave | 5,206 RSF

Westside

Clear Financial – Three Centerpointe | 3 Centerpointe Dr | 1,973 RSF

NonProfDex (charitable|educational|trade assoc)

Eastside

Independent Publishing Resource Ctr - Alexander Bldg | 1001 SE Division St | 3,730 RSF

Lifeworks NW – Minthorn Biz Ctr | 4105 SE International Way | 6,876 RSF

Central Business District

American Rivers – Loyalty Building | 317 SW Alder St | 2,992 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

Landau Associates – Oregon Trail Bldg | 333 SW Fifth Ave | 3,431 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Levison Dental – Oswego Town Square | 9 SW Monroe Pkwy | 2,110 RSF

Eastside

Kaiser Permanente – One Town Center | 10163 SE Sunnyside Rd | 6,806 RSF

TechDex (apps|provider|hardware|var)

Westside

Prince Telecom – 14215 NW Science Park Dr | 3,525 RSF

P&R Technologies – Creekside Corp Pk | 8700 SW Nimbus | 6,434 RSF

McLoughlin & Eardley – Jackson Biz Ctr | 7800 SW Durham Rd | 6,660 RSF

Central Business District

FunDex

Central Business District

Open 4 Business Productions - American Can Bldg | 2127 NW 26th St | 20,500 RSF

 

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

DKS Associates – Morgan Building | 720 SW Washtington St | 11,342 RSF

NBC – American Can Bldg | 2127 NW 26th Ave | 20,500 RSF

TechDex (apps|provider|hardware|var)

Eastside

Chrome Systems – Lloyd 700 | 700 NE Multnomah | 2,785 RSF expansion

Fashion Buddha – Leftbank Building | 240 N Broadway | 4,700 RSF

Westside

Prince Telecom – 14215 NW Science Park Dr | 3,525 RSF

Central Business District

Quango – River Forum I | 4380 SW Macadam Ave | 5,096 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Transalta Engineering – KOIN Center | 222 SW Columbia St | 3,046 RSF renewal

HealthDex (hospital/provider|managed care|equipment)

Westside

Tuality Physicians – Tuality Prof Plaza | 730 SE Oak St |3,600 RSF

Premier Retirement Systems – Parkway Plaza | 25195 SW Parkway Plaza | 2,845 RSF

Behavioral Diagnostics – The Highlands | 8440 SW Westgate | 1,389 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Eastside

Imagine Energy – 2409 N Kerby Ave | 10,000 RSF

TechDex (apps|provider|hardware|var)

CBD

Devonway – Yamhill Plaza | 815 SW Second Ave | 1,712 RSF renewal

West

Apex Labs – Park 217 | 12172 SW Garden Place | 16,534 RSF renewal

SustainDex (environmental|sustainable|clean/bio tech)

East

Technology Conservation Group – Parkrose Biz Ctr | 11717 NE Marx | 7,195 RSF

CBD

MWH Americas – Jackson Tower | 800 SW Broadway | 8,820 RSF

NonProfDex (charitable|education|trade assoc)

West

WCC Oregon Inc – 1 Lincoln Center | 10300 SW Greenburg Rd | 1,353 RSF

East

Kingdom Point Int’l – Division Plaza | 2140 SE 121st | 2,365 RSF

GeneralBizDex (consultint|finance|insurance|legal|other)

CBD

Chernoff Vilhauer – ODS Tower | 601 SW Second | 11,007 RSF renewal

Mitra Law Firm – 1000 Broadway | 1000 SW Broadway | 5,650 RSF

HealthDex (hospital/provider|managed care|equipment)

East

Columbia Care Corp - Monterey Plaza | 8495 SE Monterey Ave | 2,758 RSF

Vancouver

Pacific NW Renal – Stonemil Biz Ctr | 312 SE Stonemill Dr | 11,827 RSF

 

SALES

Property: King Arthur Estates

Address: SE 147th Street, Happy Valley, Oregon

Buyer: Lennar NW

Seller: Bank of the West

Price: $2,000,000

Size: 40 residential lots

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Pickett Dummigan – American Bank Building | 621 SW Morrison St | 5,325 RSF renewal

Squires & Lopez - American Bank Building | 621 SW Morrison St | 4,140 RSF renewal

Finity Group – River Forum I | 4380 SW Macadam Ave | 3,770 RSF

Michael Wise & Assoc – Jackson Tower | 806 SW Broadway | 3,355 RSF

Deschutes Investment Consulting – 200 Market Street | 2,558 RSF

Professionals Insurance Network – CTGR Building | 4445 SW Barbur | 2,199 RSF

Vancouver

Occuscreen – Bank of America Financial Ctr | 805 Broadway | 3,375 RSF

HealthDex (hospital/provider|managed care|equipment)

Eastside

Bristol Hospice – 10365 SE Sunnyside Rd | 2,138 RSF

Westside

Childrens Nursing Specialties – 9900 SW Greenburg Rd | 2,059 RSF

Central Business District

Interventional & Vascular Consultants – Montgomery Park | 2701 NW Vaughn | 2,057 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Nitro Print - 1991 NW Upshur St | 2,250 RSF

 

SALES

Property: Museum Place

Address: 1030 SW Jefferson Street, Portland, OR

Seller: Sockeye Museum Place South

Buyer: AEW Capital Management

Price: $55,000,000

Size: 140 apartment units and Safeway ground floor anchor

 

Property: Marine Drive Business Center

Address: 4901 NE 185th Drive, Gresham, OR

Seller: Rose City Development Inc

Buyer: Twietmeyer Seattle LLC

Price: $2,000,000

Size: 27,500 SF industrial/flex/warehouse property

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Kidder Mathews - Umpqua Bank Plaza | 1 SW Columbia St | 12,109 RSF renewal

Vanden Bos Chapman - Spalding Bldg | 319 SW Washington St | 4,332 RSF renewal

Westside

Guild Mortgage - Wilsonville Town Ctr | 29100 SW Town Ctr Loop | 3,871 RSF

Vancouver

Guild Mortgage - Park Tower Biz Ctr – Bldg 1 | 201 NE Park Plaza Dr | 4,991 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Summit Research Network – Montgomery Park | 2701 NW Vaughn | 11,117 RSF renewal

Ortho RX – Barbur Biz Center | 9570 SW Barbur Blvd | 3,100 RSF

NonProfDex (charitable|education|trade assoc)

Westside

Metropolitan Public Defender – East Main Plaza | 400 E Main St – Hillsboro | 13,150 RSF

Lewis & Clark College – CTGR Building | 4445 SW Barbur Blvd | 2,781 RSF

SustainDex (environmental|sustainable|green/bio tech)

Central Business District

Air Sciences – Overton Pearl | 1626 NW 15th St | 5,400 RSF

TechDex (apps|provider|hardware|var)

Westside

Cricket Communications – Pacific Corp Ctr | 7007 SW Cardinal | 4,481 RSF

Central Business District

TicketsWest – 618 Building | 618 NW Glisan | 2,742 RSF

 

SALES

Property: Park Terrace Apartments

Address: 2073 SW Park Ave, Portland, OR

Seller: Park Terrace LLC

Buyer: RDC Fund V Park Terrace LLC

Price: $6.3M or $121,153 per unit

 

Property: Gresham Townhomes Apartments

Address: 1203-1221 E Powell Blvd, Gresham, OR

Seller: Dale and Jeri Remillard Living Trust

Buyer: Gresham Townhome Strategies LLC

Price: $1.09M or $49,500 per unit

It was a fairly strong finish to the year in commercial real estate transactions in Portland/Vancouver. While the markets are no where near the peak of 2007, they are definitely in recovery mode with downtown Portland and Columbia Tech Center in Vancouver both shining spots. Technology, healthcare, sustainable and creative firms have led the way with some notable expansions including PeaceHealth, HP, Lionbridge, OCHIN, Inside Trax, Springbrook Software, Dachis Group, Ebay, SoloPower and EnergyTrust signing big leases in 2011.  2012 should build on this strong momentum through the first half of the year!

TechDex (apps|provider|hardware|var)

Central Business District

Ochin – 1881 Building | 1881 SW Naito Pkwy | 38,316 RSF

Westside

RimTech – Oswego Town Square | 9 Monroe Parkway | 3,567

Electromagnetic Investigations – Tanasbourne Biz Pk | 20811 NW Cornell Rd | 3,889 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

JE Moody & Co – Pioneer Park Bldg | 625 SW Broadway | 4,342 RSF

Eastside

American Pacific Mortgage – Three Town Ctr | 10121 SE Sunnyside | 2,763 RSF

52 Limited – Cully Building | 330 SE MLK Jr Blvd | 4,400 RSF

RMLS – Portland Int’l Plaza | 8338 NE Alderwood | 9,160 RSF

Westside

Ranstad Staffing – Park 217 Corp Ctr | 12110 SW Garden Place | 3,200 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Morrison Hershfield – RiverSide Centre | 5100 SW Macadam Ave | 3,861 RSF

Symbiotics LLC - Paulson Bldg | 811 SW Naito Pkwy | 3,629 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Hardy Plant Society – 828 NW 19th Ave | 1,200 RSF

Stand For Children – 1732 NW Quimby St | 8,676 RSF

SOLV – 2000 SW First Ave | 6,325 RSF

Eastside

Northwest Power Pool – Ambassador Biz Ctr | 7505 NE Ambassador | 6,181 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Peter Mozena – 15835 SW Boones Ferry Rd | 1,440 RSF

Miles Investigations – 12225 SW Second Ave | 1,238 RSF

The Thompson Law Firm - 9400 Building | 9400 SW Barnes Rd | 1,612 RSF renewal

Vancouver

Summit Mortgage – Park Tower V | 13115 NE Fourth St | 4,990 RSF

Central Business District

Roth Staffing – Congress Center | 1001 SW Fifth Ave | 1,784 RSF

McKinstry Co – Columbia Square | 111 SW Columbia St | 18,880 RSF renewal

Eastside

TenBridge Partners – The Weatherly | 516 SE Morrison St | 3,780 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Providence Health & Svs Oregon – 9450 SW Barnes Rd | 18,935 RSF

The Radiology Group – 9400 Building | 9400 SW Barnes Rd | 2,400 RSF

Medical Evaluation Specialists – 9221 SW Barbur Blvd | 1,308 RSF

Central Business District

C-Level Fitness – Pearl Design Center | 1608 NW 15th Ave | 1,450 RSF

 

SALES

Property Type: Retail (Small Mall)

Address: 14810 SE Powell Blvd, Portland, OR

Size: 15,327 SF

Price: $1,280,000

Buyer: Scott Lee

Seller: Nouveau Properties

 

Property Type: Retail/Manufacturing

Address: 2502 and 2512 E. Fourth Plain Blvd, Vancouver, WA

Size: 19,296 SF

Price: $615,000

Buyer: Kelly B Jones

Seller: Bayview Loan Servicing

 

Property Type: Commercial

Address: 2225 E. Burnside, Portland, OR

Size: 2,791 SF

Price: $425,000

Buyer: Cheryl Wakerhauser

Seller: Mossbarger Living Trust

 

Property Type: Retail (Brooklyn Yard 24 hour Fitness)

Address: 1280-1300 SE Holgate Blvd, Portland, OR

Size: 81,224 SF

Price: $13,000,000

Buyer: Brooklyn Yard Watumull

Seller: Sterling Savings Bank

 

Property Type: Industrial (East First Street Industrial Park)

Address: 2300 E. First St, Vancouver, WA

Size: 61,350 SF

Price: $3,150,000

Buyer: East First Street Watumull

Seller: Dekas

Local software success story, Jama, has moved into their new offices in the Pearl District located at 1044 NW 9th Avenue. The space is a brand new build out,  complete with a large meeting space/employee lounge area at the front end of the offices. The balance of the space is primarily open area with perimeter small conference rooms and two larger, more formal conference rooms tucked in the back corner for privacy. The space is complete with a ramp (doubles as a skateboard run), indoor bike rack (under construction) and access to showers/lockers for those more active employees.  Originally designated a retail space, Jama was able to take advantage of a large floor-to-ceiling glassline and exposed mechanicals to create a more industrial feel for their work environment.

The total size of this fantastic ground floor office is 12,513 RSF and finishes off the Ziba World headquarters building after a couple of years of sitting vacant. Congratulations to our client Jama Software on their new home!

employee lounge

  

kitchen area

       

entry corridor

     

open office area

  

TechDex (apps|provider|hardware|var)

Central Business District

Dachis Group (XPLANE/StepChange) – Commonwealth Bldg | 421 SW Sixth Ave | 18,097 RSF

 

SALES

Address: 1233 NW 12th St, Portland OR

Size: 80,000 SF

Price: $10.35M or $129.37/SF (were asking $12.9M)

Buyer: Affiliate of Unico Properties

Seller: C&E Properties

Property: Westview Heights

Address: 18301 N Chemeketa Lane and 5532/5797 NW 183rd Ave, Beaverton OR

Size: 198-unit apartment property

Price: $29.5M or $159,000/unit

Buyer: Kennedy Wilson, CA

Seller: Sean Keys, OR

Property: Willow Grove

Address: 11981 SW Center Street, Beaverton OR

Size: 119-unit apartment property

Price: $12.6 M or $105,882/unit

Buyer: Security Properties, WA

Seller: Belkorp Holdings, Canada

Property: Richmond Park

Address: 18300 NW Walker Rd, Beaverton OR

Size: 100-unit apartment property

Price: $12.1M or $121,000/unit

Buyer: Security Properties, WA

Seller: Belkorp Holdings, Canada

Property: Richland Terrace

Address: 15195 SW Walker Rd, Beaverton OR

Size: 83-unit apartment property

Price: $9.6M or $115,662/unit

Buyer: Security Properties, WA

Seller: Kelkorp Holdings, Canada

TechDex (apps|provider|hardware|var)

Westside

Applied Laser Technology – 14155 SW Brigadoon Court | 9,297 RSF

MediaDex (traditional|digital|market research)

 Central Business District

Flying Rhinoceros Holdings – Design Center Portland | 735 SW 2oth Place | 5,566 RSF

Pandora Media – Brewery Block 2 | 1120 NW Couch | 1,245 RSF

Eastside

Strategic Marketing Inc – Minthorn Biz Ctr | 4105 SE International Way | 2,720 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)  

Westside

Honeywell International – Hilltop 7300 | 7300 SW Hunziker Rd | 2,252 RSF

Power Freight Systems – USPS Hillsboro Dist. Ctr | 22310 NW Wagon Way | 85,600 RSF

Charter Mechanical Contractors – Hawthorn Farm, bldg A | Elam Young Parkway | 67,000 RSF

UBS Financial – Kruse Woods I | 5285 Meadows Rd | 6,941 RSF renewal

CD Financial Services – Lincoln Tower | 10260 SW Greenberg Rd | 2,393 RSF renewal

RF Associates – Kruse Woods I | 5285 Meadows Rd | 3,806 RSF

DesignDex (A/E|apparel|graphic d)

Westside

CH2M Hill – Ronler Corp Ctr | 23245 NW Evergreen | 39,335 RSF extension

NonProfDex (charitable|education|trade assoc)

Central Business District

Young Audiences of Oregon – Terminal Sales Bldg | 1220 SW Morrison | 2,388 RSF

Oregon Trial Lawyers Association – Spalding Bldg | 319 SW Washington | 2,372 RSF

Westside

Westside Music School – 1800 NW 167th Place | 2,365 RSF

HealthDex (hospital/provider|managed care|equipment)

Vancouver

Pro Pac Pharmacy – Columbia Tech Ctr | 1201 SE Tech Ctr Dr | 14,992 RSF renewal

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Legacy Health – AdTech II Building | 2055 NW Savier St | 1,058 RSF

Insignia Health – Haseltine Building | 133 SW Second Ave | 829 RSF

Westside

Willamette Pain and Spine Ctr – Willamette MarketPlace | 2020 Eighth Ave | 4,631 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Spire Technologies – Jefferson Office Park | 2140 SW Jefferson St | 3,250 RSF

Westside

United Technologies – Lakeside Center | 8100 SW Nyberg Rd | 8,789 RSF

Senva – Nimbus Oaks | 9290-9300 SW Nimbus Ave | 12,280 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Randstad – Park 217 | 12110 SW Garden Pl | 3,200 RSF

Parsons & Germer – Plaza West | 9600 SW Oak St | 2,790 RSF

Central Business District

David McDonald – Postal Building | 510 SW Third Ave | 1,344 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

HDR Engineering – Congress Center | 1001 SW Fifth Ave | 48,111 RSF renewal

Westside

Rockwell Collins – OIT | 27500 SW Parkway Ave | 34,180 RSF sublease

NonProfDex (charitable|education|trade assoc)

Eastside

Volunteers of America – 10209 SE Division St | 7,340 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Westside

Aspen BioFuels – Savage Wholesale | 5335 SW 107th Ave | 39,534 RSF

 

SALE

Property: 3525 SW 122nd Ave., Beaverton, OR

Seller: Dash II Investments LLC

Buyer: Project Bloom

Size: 13,816 SF commercial building

Price: $1.65 million

Activity has heated up over the last month, with technology leading the way in new leases. Here’s what we’ve seen over just the last two weeks.

TechDex (apps|provider|hardware|var)

Central Business District

Walmart Mobile – One Main Place | 101 SW Main St | 1,632 RSF

CPUsage - Merchant Hotel | 222 NW Davis St | 1,589 RSF

Nexant – Loyalty Building | 317 SW Alder St | 2,243 RSF

CSGpro - Wool Growers Building | 734 NW 14th Ave | 7,010 RSF sublease

Westside

Westmark Electronics – Creekside Corp Pk | 8905 SW Nimbus Ave | 2,28 RSF

Monte Carlo – Parkside Biz Ctr | 8250 SW Cirrus | 2,525 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Vancouver

Frumenti Lander Wallace – Murdock Exec Plaza | 703 Broadway | 4,354 RSF

Columbia Ventures – First Place Plaza | 12503 SE Mill Plain Blvd | 1,456 RSF

Summit Mortgage – Park Tower Business Center | 13115 NE 4th | 4,990 RSF

Westside

Baker & Gingell – Cornell West | 1500 NW Bethany Blvd | 2,000 RSF

HealthDex (hospital/provider|managed care|equipment)

Vancouver

Will Vision – Parkway Plaza II | 8100 NE Parkway Dr | 5,871 RSF renewal

NW Injury & Rehab -  Greenwood Office Ctr | 7700 Greenwood Dr | 2,868 RSF

Zenaptic Chiropractic – Fourth Plain Shopping Ctr | 3021 NE 72nd | 2,306 RSF

Westside

Spring Water Natural Medicine – 4970 SW Main St. Bvtn | 1,841 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Garmont NA – 308 NW 11th Ave | 2,101 RSF

Westside

C2F – Utility Industrial Ctr | 7805 SW Hunziker Rd | 7,000 RSF

NonProfDex (charitable|education|trade assoc)

Eastside

United Cerebral Palsy Association of Oregon -  305 NE 102nd Ave | 10,696 RSF

Westside

Westside Music School – 167 East Biz Park | 1800 NW 167th Pl | 2,365 RSF

Paladan Elementary School – North Twin Bldg | 15285 NW Central Dr | 1,857 RSF

Vancouver

Identity Clark County – Pacific Tower | 915 Broadway | 1,260 RSF

MediaDex (digital|traditional|market research)

Central Business District

Vox Public Relations – Loyalty Building | 317 SW Alder | 1,763 RSF

SALE

Property: Donnelly Museum Building

Address: 3934 SW Corbett Avenue, Portland, Oregon 97239

Seller: Donnelly Museum Building LLC

Buyer: Heritage Tree Properties LLC

Size: 7,500 RSF

Price: $1,150,000.00 or $153 per SF

Details: Owner/user building.  Previous uses include office space for a software firm and as a gallery.

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Stefani Chaidez – Bank of America Financial Ctr | 121 SW Morrison St | 4,324 RSF renewal

David Reichle – Bank of America Financial Ctr | 121 SW Morrison St | 1,579 RSF

DesignDex (A/E|apparel|graphic d)

Westside

Atkins North America – The Round | 12725 SW Millikan Way | 2,662 RSF

TechDex (apps|provider|hardware|var)

Westside

FlashtoTalkCorp – 6443 SW Beaverton-Hillsdale Hwy | 4,756 RSF

Vancouver

Dotster – Parkway Plaza II | 8100 NE Parkway Dr | 11,211 RSF renewal

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Oregon Primary Care Association – 310 SW Fourth Ave | 4,756 RSF

Marshall Group Enterprises – 8020 SW Pfaffle St | 2,231 RSF

Westside

Advanced Arm Dynamics – Franklin Commons | 9379 SW Greenburg Rd | 3,689 RSF

MediaDex (traditional|digital|market research)

Central Business District

Saatchi & Saatchi – United Carriage Bldg | 700 SW Taylor St | 2,300 RSF

NonProfDex (charitable|education|trade assoc)

Eastside

Academy For Kids -  Sunnyside Plaza | 14755/4799 SE Oregon Trail Dr | 10,842 RSF

Ride Connection – 847 NE 19th | 10,258 RSF

Westside

Cat Adoption Team – Scholls Crossing Ctr | 4836 SW Scholls Ferry Rd | 3,550 RSF

Everest Institute – Plaza West | 9600 SW Oak St | 20,646 RSF

 

SALES

Address: 12303 NE 56th St., Vancouver, WA

Seller: Concannon Investments LLC

Buyer: Moor Enterprises LLC

Size: 33,000 SF

Price: $2,800,000

Details: New HQ for Rayonet Corp. Flex property with industrial component.

 

Address: 14801 Kruse Oaks Blvd, Lake Oswego, OR

Seller: Stancorp Real Estate LLC

Buyer: Kensington Management LLC

Size: 7,925 SF

Price: $4,000,000

Details: Retail property

 

Address: 1430 NW Glisan, Portland, OR

Seller: Undisclosed

Buyer: 14th and Glisan LLC (George Diamond, Mike Diamond, Nicholas Diamond)

Size: 20,000 SF half block

Price: $2,800,000

Details: Same buyers own adjacent half block on 14th and Flanders

Jama Software expects to be moving into their new digs (1044 NW 9th Ave) in mid-November, leaving behind a pretty cool space in the Pearl District up for sublease.  Located on the corner of NW 14th and Hoyt, this 2nd floor space is 4,960 RSF and comes with indoor bike parking. Just one block from 24 Hour Fitness and two blocks from Rogue Brewing, this space is perfect for a startup or company looking for a shorter term in the most highly sought-after submarket in town!

Basic terms

Location: 600 NW 14th Avenue, Portland, OR 97209

Available: 12/1/11

Lease Expiration: 3/30/2013

Sizse: 4,960 RSF

Rate: $12.50/RSF or roughly $5,200/month

 

If you’re interested in touring the space, give me a call at 503-972-8099 or contact my partner, Mark, at 503-972-8094.  We can be reached by email at kristin.hammond@am.jll.com or mark.friel@am.jll.com.

Flyer below

600NW14th_Sublease

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Squires and Associates – American Bank Building | 621 SW Morrison St | 4,140 RSF

Westside

Bay Equity LLC – 16760 SW Boones Ferry Rd | 2,405 RSF

WFG National Title Ins – Kruse Woods V | 5885 Meadows Rd | 5,406 RSF

Vancouver

Spine Works Partnership – Crestwood Biz Ctr | 11818 SE Mill Plain Blvd | 2,642 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Metal Toad Media – Auditorium Building | 920 SW Third Ave | 3,888 RSF

Eastside

ON3P – 5622 NE Hassalo St | 8,391 RSF

Westside

VAK Construction Engineering – Parkside Biz Ctr | 8285 SW Nimbus | 3,333 RSF

Quality Office Systems – 9130-9160 SW Pioneer Ct, Wilsonville | 3,546 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Bright Horizons Family Solutions - Woodside Corp Pk | 15150 SW Koll Pkwy | 16,467 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Douglas Angell Law – 5075 SW Griffith Dr | 1,892 RSF

Sheridan Levine – One Centerpointe | 1 Centerpointe Dr | 3,261 RSF

Central Business District

Butler Partners – Jefferson Office Pk | 2110 SW Jefferson St | 1,545 RSF

Vancouver

Community Management – Vancouver Mall Biz Pk | 5123 NE 94th | 2,736 RSF

TechDex (apps|provider|hardware|var)

Eastside

FMYI – Leftbank Building | 240 N Broadway | 1,273 RSF

Vancouver

nLight Photonics – Panther Systems | 5408 NE 88th St | 10,000 RSF sublease

Central Business District

Zirous - 620 Building | 620 SW Fifth Ave | 1,764 RSF

NonProfDex (charitable|educational|trade assoc)

Westside

Oregon Human Development Corp – 9600 SW Oak St | 3,181 RSF

Westside Service Ctr – 12945 SW Beaverdam Rd | 2,940 RSF

Oregon Pediatric Society – Kruse Way Place | 4000 Kruse Way | 1,506 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Karamar Exclusives – 340 Oswego Pointe Dr | 1,760 RSF

DesignDex (A/E|apparel|graphic d)

Westside

Northwest Engineering Systems – 7000 SW Redwood Lane | 9,000 RSF

 

SALE

Property: EastRidge Business Park Building 26

Address: 12518 NE 95th Street, Vancouver, WA

Size: 8,632 RSF

Price: Undisclosed

Seller: Matrix IV-SEB WA

Buyer: DiscoverOrg

TechDex (apps|provider|hardware|var)

Central Business District

Xilinx – Willamette Wharf | 4640 SW Macadam Ave | 5,015 RSF downsize

Tenrec – 400 SW Sixth Ave | 2,200 RSF

Westside

Aivea – Amberglen | 1600 NW Compton Dr | 3,793 RSF

SustainDex (environmental|sustainable|clean/biotech)

Eastside

Sedia Biosciences – Pacific Business Park S | 4900 NE 122nd Ave | 4,513 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

River City Group - One Embassy Centre | 9020 SW Washington Sq | 4,351 RSF

Central Business District

The Rickles Law Firm - 19839 NW 24th Ave | 1,800 RSF

Eastside

Empire Food Brokers – Airport Biz Center | 6623 NE 78th Ct | 1,849 RSF

Vancouver

The Logs Group – One Tech Center | 1499 NE Tech Center Dr | 3,677 RSF

Suburban Propane – One Tech Center | 1499 NE Tech Center Dr | 2,617 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Nu U Laser – Cascade Square | 8625 SW Cascade Ave | 2,501 RSF

Medical Consultants Network – Plaza West | 9600 SW Oak St | 2,797 RSF

Concentra Health Services – Tanasbourne Town Ctr | 2225 NW Town Ctr Lp | 8,000 RSF

Aspen Dental - Tanasbourne Town Ctr | 2225 NW Town Ctr Lp | 4,000 RSF

Virginia Garcia Memorial Health – 2935 SW Cedar Hills Blvd | 11,850 RSF

Vancouver

Daybreak Youth Services – Crestwood Biz Ctr | 11818 NE Mill Plain Blvd | 1,096 RSF

DesignDex (A/E|apparel|graphic d)

Eastside

Bogs Footwear – Eastbank Commerce Ctr | 1001 SE Water Ave | 4,000 RSF

Office 52 Architecture – Olymplic Mills Commerce Ctr | 107 SE Washington | 1,865 RSF

Westside

Atkins North America – The Round | 12725 SW Millikan Way | 2,662 RSF

GovDex (government)

Vancouver

Clark County Prosecutors Office – 800 Franklin Building | 6,000 RSF

SALE

Property: 6600 Whitney Road, Hazel Dell, WA

Buyer: Schmidchis Holdings

Seller: Whitney Road TIC

Size: 11,200 RSF

Price: $519,000

TechDex (apps|provider|hardware|var)

Central Business District

Springbrook Software – 1000 Broadway | 1000 SW Broadway St | 17,420 RSF

MyWedding.com – Jefferson Office Pk | 2130 SW Jefferson | 1,818 RSF

BankSimple – DeSoto Building | 720 NW Davis St | 6,403 RSF sublease

Westside

Act-On Software – Creekside Corp Pk | 8405 Nimbus Ave | 6,576 RSF

Biz Built – Kruse Way | 4000 Kruse Way | 4,489 RSF

Toppan Photomask – Cornell West | 1500 NW Bethany Blvd | 3,133 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Stefani Chaidez – Bank of America Financial Ctr | 121 SW Morrison St | 4,324 RSF renewal

KS & Co – US Bancorp Tower | 111 SW Fifth Ave | 6,855 RSF

Eastside

Xtreme Iron Holdings – Wilsonville Town Ctr | 29100 Town Center Loop W | 3,058 RSF

Vancouver

Logistic Services NW – Fisher Building | 16701 SE McGillivray Blvd | 1,735 RSF

Centerpointe Resolution Specialists – 12214 SE Mill Plain Blvd | 1,070 RSF

Advanced Treatment Systems of WA – 2102 E McLoughlin Blvd | 1,000 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

RACC – General Automotive Bldg | 411 NW Park | 8,450 RSF

HealthDex (hospital/provider|managed care|equipment)

Vancouver

Geromedical Psychological Svs – 10000 NE Seventh Ave | 2,331 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Action without Borders – Portland Police Block | 209 SW Oak St | 6,137 RSF

Pacific NW Utilities Conference – One Main Place | 101 SW Main St | 1,733 RSF

TechDex (apps|provider|hardware|var)

Eastside

Nordisk Systems – 224 Corporate Ctr | 6400 SE Lake Rd | 5,834 RSF

Central Business District

SurveyMonkey – The Lovejoy | 1331 NW Lovejoy | 2,380 RSF sublease

Harris Corp – Union Bank of Cal | 707 SW Washington St | 10,820 RSF extension

Vancouver

LAM Research – Park Tower Biz Ctr | 222 NE Park Plaza Dr | 3,325 RSF renewal

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Richard Sly Attorney – Portland Police Block | 209 SW Oak St | 2,000 RSF

Innovative Benefits – Water Tower | 5331 SW Macadam Ave | 1,646 RSF

HealthDex (hospital\provider|managed care|equipment)

Eastside

Pediatric Dentistry – Gresham Station N | 831 NW Council Dr | 2,732 RSF

Vancouver

Dr. Kojis - Park Tower Biz Ctr | 222 NE Park Plaza Dr | 1,184 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

International Sustainable Development – Porter Bldg | 227 SW Pine St | 1,752 RSF

Watershed Sciences – Commonwealth Bldg | 421 SW Sixth Ave | 12,497 RSF

Agilyx – Nimbus Corp Ctr | 9600 SW Nimbus | 10,559 RSF

MediaDex (traditional|digital|resesarch)

Eastside

Little Green Pickle – Olympic Mills CC | 107 SE Washington St | 2,667 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Stratus Building Solutions – Harbor Square | 5410 SW Macadam Ave | 2,156 RSF

Hays & Marsh – 1500 SW First Ave | 2,605 RSF

Eastside

SET Management – 15 NE Hancock ST | 6,700 RSF

Westside

RGIS – 8255 SW Hunziker Rd | 1,030 RSF

Vancouver

Don Mook – Vancouver Mall Biz Pk | 5107 NE 94th St | 2,200 RSF

Vancouver Food Coop – 1002 Main St | 2,100 RSF

GovDex (government)

Eastside

State of Oregon – Lloyd Plaza | 1425 NE Irving St, Bldg 400 | 27,848 RSF renewal

DesignDex (A/E|apparel|graphic d)

Westside

Williamson & Associates – Kruse Way | 4949 Meadows Rd | 3,253 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Inavero – Pioneer Park | 625 SW Broadway St | 3,854 RSF

Engine Yard – 1009 SW Yamhill St | 3,775 RSF

EventBuilder – Fifth Ave Building | 1300 SW Fifth Ave | 10,674 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Heestand Company – Bailey Building | 5441 SW Macadam Ave | 1,275 RSF

Jeld-Wen – 1500 SW First Ave | 6,340 RSF

Inside Track – Bank of America Financial Ctr | 121 SW Morrison St | 18,197 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Century West Engineering – Water Tower | 5331 SW Macadam Ave | 3,788 RSF

Westside

OBEC Consulting Engineers – Kruse Way | 5000 Meadows Rd | 5,430 RSF relocation

SustainDex (environmental|sustainable|clean/bio tech)

Westside

Westwood Professional Services – Lakeside Center | 8100 SW Nyberg Rd | 1,380 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Wellness Annex – Oregon Prof Ctr | 5210 SW Corbett Ave | 3,800 RSF

 

SALE

Buyer: Twenty Four Seven Inc.

Seller: Kalberer Company

Address: 920 NE Glisan Street

Type: Industrial, Flex, Warehouse

Size: 52,000 SF

Price: $2,900,000

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Noreen Spiegel, CPA – Hampton Oaks | 6665 SW Hampton Dr | 1,602 RSF

Hasson Co. – Peterkort II | 9755 SW Barnes Rd | 3,702 RSF

Guild Mortgage – 15540 SW Boones Ferry Rd | 4,285 RSF

CellMark -  300 Oswego Pointe Dr | 2,235 RSF

Zupancic Rathbone – Kruse Way | 4949 Meadows Rd | 7,060 RSF

Central Business District

Compensation Systems NW – Marquam Building | 2501 SW First Ave | 2,767 RSF

Stratus Building Solutions – 5410 SW Macadam Ave | 2,156 RSF

Miller Nash – US Bancorp Tower | 111 SW Fifth Ave | 56,379 RSF extension

Cosgrave Vergeer Kester – Pioneer Tower | 888 SW Fifth Ave | 23,187 RSF

Vancouver

Avalar West Realty – SR 500 Commerce Ctr | 5500 NE 109th Ct | 1,177 RSF

DesignDex (A/E|apparel|graphic d)

Westside

Columbia Sportswear – 1260 NW Waterhouse Ave | 24,073 RSF

Gallagher Designs – 10850 SW 11th | 30,224 RSF

Eastside

M&F Marketing – Olympic Mills CC | 107 SE Washington St | 4,871 RSF

CIP Marketing – Olympic Mills CC | 107 SE Washington St | 1,591 RSF

Don Cushing Assoc – Olympic Mills CC | 107 SE Washington St | 1,005 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Amedisys Oregon – Fanno Creek Place, B | 16083 SW Upper Boones Ferry | 3,383 RSF

David Baker, DMD – 1585 SW Marlow St | 2,364 RSF

Eastside

Cascadia Behavioral Health – 7525 SE Lake Rd | 5,200 RSF

MediaDex (traditional|digital|research)

Central Business District

Evergreen Economics – 1020 SW Taylor St | 2,129 RSF

TechDex (apps|provider|hardware|var)

Vancouver

Dealerships IDS – The Glen | 3400 SE 196th AVe | 2,122 RSF

Artronix Computer Solutions – SR 500 Commerce Ctr | 5501 NE 109th Ct | 1,340 RSF

Online Support – SR 500 Commerce Ctr | 5501 NE 109th Ct | 987 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Thompson Kessler Wiest – Columbia Square | 111 SW Columbia St | 7,537 RSF

Davis Wright Tremaine – Wells Fargo Center | 1300 SW Fifth Ave | 59,048 RSF renewal/downsize

SKB – Ziba HQ Building | 1044 NW 9th Ave | 8,954 RSF

Vancouver

The Logs Group – One Tech Center | 1499 NE Tech Center Dr | 3,677 RSF

Suburban Propane – One Tech Center | 1499 NE Tech Center Dr | 2,617 RSF

Berendsen Fluid Power – 7200 NE 41st St | 1,980 RSF

Westside

RMT International – Kruse Woods II | 5335 Meadows Rd | 3,843 RSF

GovDex (government agencies)

Vancouver

Clark County Prosecuters Office – 800 Franklin St | 6,000 RSF

TechDex (apps|provider|hardware|var)

Central Business District

ELC Technologies – Marine Building | 1771 NW Quimby Ave | 4,400 RSF

Jama Software – Ziba HQ Building | 1044 NW 9th Ave | 12,513 RSF

Eastside

Roku – Olympic Mills | 107 SE Washington St | 1,696 RSF

Westside

FEI – 5665 B NW Wagon Way | 21,000 RSF

Sirius Computer – Kruse Woods V | 5885 Meadows Rd | 9,115 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Vancouver

Hancock Forest Management – Columbia Tech Center | Building 217 | 6,899 RSF renewal

HealthDex (hospital/provider|managed care|equipment)

Westside

Pacific Imaging – Westridge Park | 5201 SW Westgate Dr | 1,000 RSF

SALES

Buyer: Morrison Child and Family Services

Seller: Verizon Business Services

Address: 11035 NE Sandy Blvd, Portland, OR

Size: 22,400 RSF

Price: $1,000,000 or $44.64/RSF

 

Buyer: Teufel Brothers Enterprises

Seller: LB/VCC OR-Hillsboro

Address: 3401 NW John Olsen Rd, Hillsboro, OR

Size: 16,854 RSF

Price: $1,516,860 or $90.00/RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Duffy Kekel – US Bancorp Tower | 111 SW Fifth Ave | 10,603 RSF

FedEx Kinkos – Fifth Avenue Building | 1400 SW Fifth Ave | 5,787 RSF

NBS Capital – Bank of America Financial Ctr | 121 SW Morrison ST | 4,552 RSF renewal

Westside

Mortgage Equities NW – Kruse Woods | 5335 SW Meadows Rd | 1,558 RSF

DesignDex (A/E|apparel|graphic d)

Westside

Evergreen Engineering – One Technology | 7431 NW Evergreen Pkwy | 17,020 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Education Solutions – River Forum I | 4380 SW Macadam Ave | 2,211 RSF

PNUCC - One Main Place | 101 SW Main St | 1,733 RSF renewal

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

Water Quality Enviro – One Main Place | 101 SW Main St | 1,502 RSF renewal

GovDex (government agencies)

Eastside

State of Oregon – Lloyd Plaza | 1425 NE Irving St | 27,848 RSF

MediaDex (traditional|digital|research)

Central Business District

ROC Group – Morgan Building | 720 SW Washington St | 1,357 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Stephen Vincent Jewelers – Fifth Avenue Building | 1400 SW Fifth Ave | 5,787 RSF

Vancouver

Clark CountyProsecuting Attorneys, Child Support - Franklin Building | 800 Franklin St | 6,000 RSF

Ray Krueger – East 18th Street Biz Pk | 5601 E 18th St | 2,400 RSF

Westside

Cleland Woolworth Capital – Kruse Way | 5800 Meadows Rd | 3,313 RSF renewal

AMS Legal PC – Kruse Woods II | 5005 Meadows Rd | 2,827 RSF

Premier Property Group – Kruse Way | 5000 Meadows Rd | 2,801 RSF

Riverside Homes – Tanasbourne Commons | 17933 NW Evergreen Pkwy | 3,571 RSF

NonProfDex (charitable|educational|trade assoc)

Westside

Northwest College – 4200 SW Watson and 4225 SW Hall St | 13,400 RSF

Encore Performing Arts Center – Parkside Biz Ctr | 7700-7704 SW Nimbus Ave | 3,745 RSF

Central Business District

Disability Rights Oregon – 610 SW Broadway St | 6,767 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Metropolitan Pediatrics – Commons Building/Cornell Oaks | 15455 NW Greenbrier Pkwy | 17,439 RSF

Eastside

OsteoArthritis Centers of America – Sunnyside Plaza | 10001 SE Sunnyside Rd | 3,766 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

Anchor QEA – Commonwealth Bldg | 421 SW Sixth Ave | 4,621 RSF

 

DesignDex (A/E|apparel|graphic d)

Westside

Nike – Woodside Corp Park | 15100 SW Koll Pkwy | 26,000 RSF

Tetra Tech – Hawthorn Biz Park | 5293 NE ElamYoung Pkwy | 4,367 RSF

TechDex (apps|provider|hardware|var)

Central Business District

Crowd Factory – Oregon Trail Building | 333 SW Fifth Ave | 4,095 RSF renewal

Barefoot Sound – 1710 NW Upshur St | 8,500 RSF

Westside

AIVEA – Amberglen | 1600 NW Compton Dr | 3,793 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Randstad – Unitus Plaza | 1300 SW Sixth Ave | 2,700 RSF

Scherzer Strom & Shaw – Commonwealth Bldg | 111 SW Fifth Ave | 3,131 RSF

Mitsui – US Bank Tower | 111 SW Fifth Ave | 1,696 RSF

Vancouver

WPE – Vancouver Biz Pk | 3315 NE 112th | 3,000 RSF

GeneralBizDex (consulting|finance|legal|insurance|other)

Westside

Universal Enterprises – Parkside Biz Ctr | 8018-8034 SW Nimbus Ave | 28,800 RSF

Generic Parts Systems – Arctic Biz Pk I | 10074 SW Arctic Dr | 14,895 RSF

Excel Mortgage – Kruse Woods V | 5335 Meadows Rd | 13,733 RSF

Towers Watson Delaware Inc – Parkside Biz Ctr | 8018-8034 SW Nimbus Ave | 6,206 RSF

TechDex (apps|provider|hardware|var)

Westside

NTI Americas – Tigard Tech Ctr | 7405 SW Tech Ctr Dr | 3,180 RSF

Zapproved – Sunset Center | 19075 NW Tanasbourne Dr | 2,911 RSF

NonProfDex (charitable|educational|trade assoc)

Westside

American Lung Association – Bridgeport Crossing | 7420 SW Bridgeport Rd | 5,063 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Westside

EnergyConnect – Hampton Square | 6950 SW Hampton St | 3,876 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Wellness Annex – Water Tower | 5331 SW Macadam Ave | 1,052 RSF

Vancouver

Adventist Medical Center – Fishers Landing Med/Dent Bldg | 417 SE 164th | 10,500 RSF

Manual Medicine & Rehab Ctr – Mill Plain Plaza | 5000 E Fourth Plain | 2,785 RSF

Westside

CrossFit Recon – Sunset Highway Biz Ctr | 23650 NW Clara Lane | 2,823 RSF

NW Scrubs Inc – Beaverton Creek | 3003 SW 153rd Dr | 2,053 RSF

Central Business District

The Portland Clinic – Marquam Building | 2501 SW First Ave | 4,649 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Eastside

General Steamship – 1500 Plaza | 1500 NE Irving St | 2.030 RSF renewal

STX Pan Ocean – 1500 Plaza | 1500 NE Irving St | 1,429 RSF

Caroline Cantrell - 1500 Plaza | 1500 NE Irving St | 2,145 RSF renewal

Central Business District

Union Bank of Cal Global Custody – Union Bank of Cal Bldg | 707 SW Washington | 28,445 RSF renewal

Westside

Ameriprise – 9665 SW Allen Blvd | 2,200 RSF

Probity Builders – 4800 SW Griffith | 2,604 RSF sublease

Liberty Mutual Insurance – Amberglen | 1925 NW Amberglen Pkwy | 12,295 RSF

TechDex (apps|provider|hardware|var)

Vancouver

NXP Semiconductor – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 1,240 RSF renewal

Central Business District

CrossCurrent – Water Tower | 5331 SW Macadam Ave | 3,605 RSF renewal

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

First Wind Energy – Public Service Building |920 SW Sixth St | 2,137 RSF

SALE

Property: 6140 SW Macadam Ave, Portland, Oregon 97239

Buyer: G&B Macadam

Seller: Sunset Fuel

Type: Industrial Site

Price: $2.5 Million

Size: 22,406 RSF

TechDex (apps|provider|hardware|var)

Central Business District

ELC Technologies – 1771 NW Pettygrove | 4,400 RSF

Enable TV – Century Tower | 1201 SW 12th Ave | 4,235 RSF

CompanionLink – Paulson Building | 811 SW Naito Pkwy | 1,853 RSF expansion

The Good – Raleigh Square | 1603-1625 NW 14th | 3,250 RSF

Vancouver

PCB Universe – Crestwood Biz Ctr | 11818 NE Mill Plain Blvd | 2,112 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

Education Solutions – River Forum I | 4380 SW Macadam | 2,211 RSF

Westside

Western Psychological & Counseling Svs – Cornell West | 1500 NW Bethany | 4,281 RSF

Eastside

Mt. Scott Surgery Center – Mt. Scott Prof. Ctr II | 9300 SE 91st | 7,574 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

VergePointe LLP – Kruse Woods I | 5283 Meadows Rd | 5,546 RSF renewal

Pacific Legacy Mortgage – One Embassy | 9020 SW Washington Sq Rd | 6,937 RSF

Knipe Realty NW – Bridgeport Crossing | 7420 SW Bridgeport Rd | 5,063 RSF

Northwest Mortgage – One Willow Creek | 16100 NW Cornell Rd | 3,643 RSF renewal

J.J. Henri – Lake Oswego Exec Park | 5755 SW Jean Rd | 3,497 RSF

Resource Financial Planning – Fairway Center | 9115 SW Oleson Rd | 2,492 RSF renewal

Ohanesian & Associates – 9011 SW Beaverton Hillsdale Hwy | 1,364 RSF

Central Business District

NBS Real Estate Capital - Bank of America Financial Ctr | 121 SW Morrison | 4,552 RSF renewal

Legacy Group Lending – Bank of America Financial Ctr | 121 SW Morrison | 4,824 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Portland Community College – Dayton Building | 838 SW First Ave | 2,077 RSF

DesignDex (A/E|apparel|graphic d)

Westside

ATC Group Services – 7070 SW Fir Loop | 2,644 RSF

Evergreen Engineering – One Technology Ctr | 7431 NE Evergreen Pkwy | 17,020 RSF renewal

Thorson Pacific – Lincoln Center | 10300 SW Greenburg Rd | 1,873 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Eastside

LabFX - I-84 Corp Center | 1062 NW Corporate Drive | 1,495 RSF

FunDex

Westside

Lake Oswego Soccer Club – Lake Oswego Exec Park | 5775 SW Jean Rd | 2,125 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Northwest Bank – Kruse Way | 4900 Meadows Rd | 8,560 RSF renewal

Hayden Properties – Kruse Woods II | 5335 Meadows Rd | 3,564 RSF

Vergepointe LLC – Kruse Woods I | 5285 Meadows Rd | 5,546 RSF renewal

Kforce – 1 Lincoln | 10300 SW Greenburg Rd | 3,244 RSF renewal

Thorsen Pacific – 1 Lincoln | 10300 SW Greenburg Rd | 1,873 RSF

Northwest Mortgage Group – 16100 NW Cornell Rd | 3,643 RSF renewal

Vancouver

Wells Fargo Bank - Vancouver Center N | 700 Washington | 6,886 RSF renewal

Cornerstone Lending - Park Tower Biz Ctr | 201 NE Park Plaza Dr | 2,826 RSF renewal

Central Business District

TicketMaster – Crown Plaza | 1500 SW First Ave | 2,571 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Jewish Family and Child Services – Yamhill Plaza | 1221 SW Yamhill St | 4,088 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

DaCosta Dental – Hall & Nimbus Center | 8400 SW Nimbus | 2,112 RSF

Medius Medical Concepts – Summit Bldg | 1260 NW Water House Ave | 2,133 RSF

Eastside

Hospice Care of NW – 1500 NE Irving St | 5,510 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Westside

LiveLight Energy – Twin Oaks Technology Center | 1815 NW 169th | 6,248 RSF

TechDex (apps|provider|hardware|var)

Westside

nvoice pay – 4 Lincoln | 10250 SW Greenburg Rd | 2,744 RSF

Payer Connections – Kruse Woods II | 5335 Meadows Rd | 1,106 RSF

DesignDex (A/E|apparel|graphic d)

Central Business District

Glumac – Standard Insurance Center | 900 SW Fifth Ave | 15,500 SF

Vancouver

Maul Foster Alongi – Al Angelo Bldg | 400 E. Mill Plain | 5,500 SF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Caldera International – PacTrust Biz Ctr | 7245 SW Durham Rd | 5,029 SF

Resource Financial Planning – Fairway Center | 9115 SW Oleson Rd | 2,492 SF renewal

Berkeley Law – Tanasbourne Commons | 18933 NW Evergreen Pkwy | 3,768 SF renewal

Central Business District

DYK Inc – Broadway Plaza | 2121 SW Broadway | 1,665 SF

Vancouver

Logistics Services NW – The Fisher Bldg | 16701 SE McGillivray Blvd | 1,734 SF

HealthDex (hospital/provider|managed care|equipment)

Westside

Metis Clinics – Fir Loop Plaza | 7110 SW Fir Loop | 1,098 SF

Eastside

Legacy Health – Broadway Commons | 1620 NE Broadway | 6,977 SF

SALE

Seller: Income Properties NW

Buyer: ISITE Design

Property: Former LA Fitness Building | 2025 NW Overton Stree, Portland, OR 97209

Price: $2,000,000.00

Size: 18,266 SF

GeneralBizDex (consulting|finance|insurance|legal|other)

Vancouver

Fiji Sales & Marketing – Quad 205 |  10906-11012 NE 39th St | 1,875 SF renewal

Lee & Hayes PLLC – Main Place | 1111 Main Place | 2,439 SF

Vancouver Defenders – 500 W Eighth St | 4,944 SF

Washington Federal Savings Bank - Columbia Square II | 13411 SE Mill Plain Blvd | 1,500 SF

Eastside

NW Property Wholesalers – 16834 NE Mason Court | 4,000 SF

TechDex (apps|provider|hardware|var)

Westside

Applied Technical Services – 7015 SW McEwan Rd | 5,750 SF

Central Business District

Deck Monitoring – Pang Building | 830 SW 10th Ave | 5,696 SF sublease

Vancouver

Intelligent Technologies – Quad 205 | 10906-11012 NE 39th St | 4,425 SF renewal

DirecTV – Pacific Industrial Commons | 14511 NE 13th Ave | 20,130 SF

Renaissance Learning – Greenwood Office Bldg | 7710 NE Greenwood Ave | 688 SF sublease

Eastside

Sprint – Halsey Corners | 1762 N 181st Ave | 1,700 SF

HealthDex (hospital/provider|managed care|equipment)

Westside

Restore Vision Centers – 17400 SW Upper Boones Ferry Rd | 2,363 SF

NonProfDex (charitable|education|trade assoc)

Westside

Oregon Manufacturing Extension Partnership – Pacific Pkwy Ctr | 12909 SW 68th Pkwy | 1,941 SF

SALE

Location: 12360 E Burnside Street, Portland, Oregon

Seller: Fidelity National Title Insurance Co.

Buyer: Watumull Properties

Size: 16,120 RSF

Price: $1.35 Million ($83.75/SF)

Tenant in Place: NARA (Native American Rehabilitation Association) NW

TechDex (apps|provider|hardware|var)

Central Business District

Ebay – Fifth Avenue Bldg | 1400 SW Fifth Ave | 28,000 RSF

Triton Technical – Postal Building | 510 SW Third Ave | 1,716 RSF sublease

Westside

Mobile Power Solutions - Twin Oaks | 1815 NW 169th Pl | 2,129 RSF expansion

GeneralBizDex (consulting|finance|insurance|legal|other)

Central Business District

Baron Zeuthen Gutzler - Market Square |1515 SW Fifth Ave | 5,340 RSF

Robert J Neuberger – Union Bank of Cal | 707 SW Washington St | 3,629 RSF

Adecco – Bank of America Financial Ctr | 121 SW Morrison St | 3,621 RSF

Vancouver

General Conf Auditing Services – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 3,048 RSF

DesignDex (A/E|apparel|graphic d)

Westside

Golder Associates – Oswego Town Square | 9 Monroe Parkway | 4,806 RSF

HealthDex (hospital/provider|managed care|equipment)

Central Business District

OHSU – Fifth Avenue Building | 1400 SW Fifth Ave | 6,000 RSF

Westside

Braden Partners – Parkside Biz Ctr | 7979 SW Cirrus Dr | 2,519 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Oregon Community Foundation – 1221 SW Yamhill St | 22,264 RSF renewal

GovDex (government agencies)

Eastside

Oregon Dept of Human Svs – 305 NE 102nd Ave | 4,750 RSF

Westside

Metro Multifamily Housing Assoc – Fanno Creek Place | 16083 SW Upper Boones Ferry | 3,600 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Central Business District

Renewable NW Project – Commonwealth Bldg | 421 SW Sixth Ave | 3,138 RSF

DesignDex (A/E|apparel|graphic d)

Westside

IHS Global – 9 Monroe Parkway | 12,018 RSF renewal

Central Business District

MCA Architects – Woodlark Building | 813 SW Alder St | 6,236 RSF

NonProfDex (charitable|education|trade assoc)

Westside

Portland Community College – Hampton Square | 6950 SW Hampton St | 3,926 RSF

Eastside

Salvation Army – San Rafael Shopping Ctr | 1640 NE 122nd Ave | 23,695 RSF

Central Business District

Oregon Community Foundation – 1221 SW Yamhill | 22,264 RSF

Oregon Health Care Quality Corp – Cascade Bldg | 520 SW Sixth Ave | 3,101 RSF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

Tompkins Benefit Group – Pacific Parkway Ctr | 12909 SW 68th Pkwy | 2,181 RSF renewal

TechDex (apps|provider|hardware|var)

Westside

Disco Hi Tek – Tanasbourne Biz Pk | 20811 NW Cornell Rd | 3,018 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

Danville Services of Oregon – Capitol Park Bldg | 9700 SW Capitol Hwy | 2,990 RSF

DEMYSTIFYING OPERATING EXPENSE PASSTHROUGHS

Office tenant clients frequently ask us what are operating expenses? Admittedly, this is one of the more confusing aspects of a commercial lease and if a tenant is not careful, it can be a costly item. The best way to explain operating expense passthroughs is to provide an example. But first, it is important to know a few key terms:

Full Service Rent vs NNN Rent - Full Service includes normal office utilities, janitorial service, building maintenance and management as well as property taxes while NNN invoices tenants separately for utilities, taxes/insurance and operating expenses.

Rentable Square Feet vs. Useable Square Feet – Rentable Square Feet (RSF) is the square footage that a tenant pays rent on while Useable Square Feet (USF) is the actual size a tenant is using. The difference is that RSF includes a portion of the common areas used by all tenants tacked on to the USF. Otherwise, lobbies and corridors would be used and maintained but lose money for the owner. This additional percentage is called a “load factor” and ranges between 10% and 18% typically. (Ex: 10,000 USF x 15% load factor = 11,500 RSF)

Operating Expenses and Passthroughs - Operating expenses are necessary to run a building including electricity, water and sewer, trash, exterior building maintenance, gas, landscaping, window cleaning, janitorial services, security, property taxes and property management. Passthroughs represent increases above the operating expenses incurred during the Base Year of a Full Service Lease.

Base Year – Can either be the first 12 months of a lease term or calculated on a calendar year. The calendar year method is most common. If a lease commences in the 4th quarter, the Base Year is usually set for the next full year. (Ex: Lease commences 11/1/11, Base Year will be 2012. Lease commences 4/1/11, Base Year will be 2011) 

Okay, so now that you are more thoroughly confused, let’s break all of this information down into an example that will make it easier to understand the calculation of passthroughs.

  • The beautiful Jones Tower (because Smith Center is still under construction) is a Class A office highrise with 491,528 RSF.  
  • ImDabomb Company occupies 10,000 RSF in Jones Tower with a lease that commenced March 1, 2009 and is paying $20.00/RSF Full Service.
  • They have a Base Year of 2009.
  • In 2009, operating expenses were $10.04/RSF.  This is the Base for ImDabomb Co.
  • Jones Tower has 2010 Operating Expenses  of $10.34/RSF.
  • Jones Tower has 2011 Estimated Operating Expenses of $10.73/RSF.

During 2010, ImDabomb would have paid its rent plus the difference between the 2010 budget and the 2009 Base ($10.34 – $10.04 = $0.30).  This amount is then multiplied by the total RSF under lease by ImDabomb and divided up over 12 months ($0.30 x 10,000 RSF = $3,000.00/12 = $250.00 per month additional cost).

During 2011, ImDabomb would have paid its rent plus the difference between the 2011 budget and the 2009 Base ($10.73 – $10.04 = $0.69).  This amount is then multiplied by the total RSF under lease by ImDabomb and divided up over 12 months ($0.69 x 10,000 RSF = $6,900.00/12 = $575.00 per month additional cost).

Every year, the new expenses are calculated against that Base Year figure, so the numbers can really add up  particularly for larger tenants.  If, however, the operating expenses come in below the estimates for the newest year, the tenant will be issued a credit. 

It is important to “reset” your Base Year in the event of a lease renewal or extension. Otherwise, a tenant will continue to see increasing passthrough costs as the gap over the Base Year figure grows.  Much of the increase in expenses is due to things such as city tax changes, expiration of tax credits, building improvements not considered capital costs such as paving a parking lot or painting the exterior, and increases in utility charges.

For a more detailed report on Operating Expenses, please email me at kristin.hammond(at)pacific-re(dot)com.

Next topic: Office lease insurance clauses

TechDex (apps|provider|hardware|var)

Central Business District

Avatron Software – One Main Place | 101 SW Main St | 4,834 SF

Eastside

Finishing Technologies – Airport Way Biz Center | 205 Airport Way | 14,077 SF

Westside

MIPS Technologies – Summit Building | 1260 NW Waterhouse Ave | 6,973 SF

Prolifiq Software – The Round | 445 SW Watson Ave | 5,074 SF renewal

DesignDex (A/E|apparel|graphic d)

Westside

Adapt Engineering – Westview Plaza | 10725 SW Barbur Blvd | 2,585 SF

Virtual Construction – Beaverton Plaza |3720 SW 141st Ave | 1,837 SF

MediaDex (traditional|digital|research)

Central Business District

Wunderman Worldwide – White Stag Block | 24 NW Couch St | 2,734 SF

Westside

GSH Marketing – 6800 SW Beaverton-Hillsdale Highway | 2,500 SF

Eastside

TNS Custom Research – Cascade Station | 9830 NE Cascade Parkway | 5,880 SF

Answernet Inc – West Gresham Plaza | 2951 NW Division St | 3,142SF

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

MD’s LLC – Hilltop Biz Center | 7300 SW Hunziker Rd | 4,817 SF renewal

Vancouver

American Pacific Mortgage – HH Hall Building | 10000 NE Seventh Ave | 4,000 SF sublease

Stewart Title – Park Tower Biz Ctr | 12500 SE Second Circle | 2,968 SF

Central Business District

Renewable Funding – 400 SW Sixth Building | 400 SW Sixth Ave | 4,450 SF

Eastside

Herman Miller Inc. - Lloyd 700 | 700 NE Multnomah | 4,122 SF renewal

HealthDex (hospital/provider|managed care|equipment)

Vancouver

Options 360 Clinic – Cascade Plaza | 1706 W Main St | 2,100 SF

Core Fitness/Stairmaster – 4400 Building | 4400 NE 77th Ave | 26,349 SF

Central Business District

Integrated Healthcare Solutions – River Forum I | 4380 SW Macadam Ave | 7,333 SF renewal

NonProfDex (charitable|educational|trade assoc)

Westside

Pacific University – The Round | 12600 SW Crescent St | 3,119 SF

Portland Rescue Mission – 8555 Canyon Road | 3,449 SF

American Red Cross – Salem | 475 Cottage St NE | 4,225 SF renewal

Eastside

Genealogical Forum of Oregon – Ford Building | 11th & Division | 5,000 SF

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