The ft.² Report

Posts Tagged ‘flex space’

Big Tech Not Goin’ So Big

Posted in build to suit, building sale, commercial real estate, downsizing, Forecast, headquarters, lease, new office, office brokerage, office space, oregon, portland, square feet, sublease, Trends, Vacancies, vancouver, tagged AmberGlen, carlyle investment, commercial real estate, credence, cutbacks, downsizing, flex space, hewlett packard, hillsboro, HP, lease, leaseback, ltx, magnachip, office space, planar, portland, R&D, sale, square feet, sublease, tektronix, vancouver on September 22, 2009 | Leave a Comment »

5800 NW Pinefarm

As many of you know, LTX-Credence made the decision to pull much of their presence from Hillsboro, Oregon last year. It started with the company announcing it’s sale-leaseback deal in January 2008.  The two building portfolio (72,000 SF and 112,000 SF between the two structures) was sold to local real estate investor/owner Barry Menashe for a cool $20M ($108.70/SF), a $3.6M loss for Credence.  Mr. Menashe’s firm, Carlyle Investment, owns numerous properties in downtown Portland including 621 SW Alder, Portland Medical Center and the Carlyle Building. 

Unfortunately, the downsizing did not stop there and another announcement in September of 2008 was released outlining further reductions at LTX-Credence. The company was now down to around 120 people from over 400 just one year prior. What this all translates to is roughly a 70% reduction in workforce in the Hillsboro operations. A few more cutbacks thereafter and estimates have the headcount somewhere around 70.

 The decrease in leased square feet is, well, bigger.  Effective this month, the company announced that after an exhaustive search of the Sunset Corridor, it plans to relocate the remaining employees into approximately 17,000 SF at Amberglen.  This move reflects an astounding 91% (roughly) reduction in space  (from 184,000 SF to 17,000 SF). This leaves an entire campus vacant and available for lease at their old location, 5800 and 5975 NW Pinefarm Lane. 

5975 NW Pinefarm

The shift for LTX-Credence is another in a long line of tech companies with substantial footprints in Oregon and SW Washington who have made major cutbacks on their real estate holdings (HP, Tektronix and MagnaChip to name just a few). Let’s hope this is the last of that trend, but I won’t hold my breath just yet.

Read Full Post »

• National Real Estate Investor

  • Mill Creek Residential Trust Plans Groundbreaking for New Morristown Multifamily Property May 19, 2013
    On Tuesday, May 21, Mill Creek Residential Trust will break ground on phase I of Latitude, a luxury multifamily apartment community located on Early Street in Morristown, N.J. read more

• JLL GreenBlog

  • VERGE Boston: Machine-to-machine’s affect on energy savings
    Posted by: Dan Probst Energy and Sustainability Services I just had the pleasure of serving on a panel at GreenBiz Media’s VERGE Boston conference, which focused on the convergence of buildings, technology and transportation. The panel, called “The Trillion-Dollar M2M Opportunity,” was about the dramatic impact of machine-to-machine (M2M) technology on four […]

• Retail Traffic

  • An error has occurred; the feed is probably down. Try again later.

• squarefeetpdx subscription

  receive notifications of new posts by email

• Archives

  Select Month March 2013 February 2013 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008

• Business Resources

  • JLL
  • Portland Business Alliance

• Green Building

  • US Green Building Council

• Local Govt Resources

  • Cit of Vancouver, WA
  • City of Hillsboro Ec Dev
  • City of Portland – Bureau of Development Services
  • CREDC
  • Portland Development Commission
  • Vancouver Chamber of Commerce

• Start Up Havens

  • OTBC
  • PIE
  • PSU Business Accelerator