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 |
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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.
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Posted in build to suit, commercial real estate, downsizing, headquarters, lease, new office, office brokerage, office space, square feet, sublease, Vacancies, vancouver, tagged columbia tech center, headquarters, hewlett packard, HP, lease, lease cancellation, nautilus, office space, seh america, vancouver on July 18, 2009 |
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In a move that has long been rumored to occur, Nautilus finally made public their intentions to cancel their current lease on 482,538 SF of office space. Nautilus will pay an early termination fee of $1.9 million and re-lease 93,099 square feet for corporate offices. The new lease reflects a $16.00/SF rate. The company also faces a $8 million impairment charge in addition to the early termination fee.
The landlord, PacTrust – the Columbia Tech Center developers, will take the newly available space to market for lease. But the building is not without its challenges. With two 150,000 SF floorplates, the vast space is best suited for large users and not easily chopped up.
The building was originally built in 1981 for Hewlett Packard who sold it in 2000 to PacTrust. The property consists of 22 acres including outdoor fields (baseball), basketball court, cafeteria, central atrium and walking paths. HP has been slowly disposing of campus properties around the country since the early 2000′s and recently sold their Camas property to SEH America for $55 million.
The Nautilus space was most recently up for sublease at a rate of $14.00/SF.
For the full story, click here http://budurl.com/n9tn
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Posted in building sale, commercial real estate, data centers, downsizing, headquarters, lease, new office, office space, square feet, vancouver, tagged headquarters, hewlett packard, HP, office space, sale, seh america, square feet, vancouver on June 26, 2009 |
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Hewlett Packard has finally sold their Vancouver, Washington campus to SEH America (Shin-Etsu Handotai Group), a Japanese manufacturer of solar equipment and computer chip components. The 174-acre campus, which includes administrative offices, R&D facilities, a basketball court and walking trails among other amenities sold for $55 million after going to the market in 2007 unpriced.
In early 2007, HP was marketing a single building for lease (approx. 65,000 SF) which drew the interests of companies like Logitech. But ultimately, a property disposition became the more viable option for HP. Several developers looked into the offering, which has significant acreage of undeveloped land, for viable mixed-use projects. But as the market soured, those buyers dropped off and an owner-user became the likely buyer type. Enter SEH America.
H-P will lease back a portion of the campus for a while, but is likely pulling out of the market entirely over the next year and a half. They have already let go of half their workforce at this site.
Officials at SEH America, Shin-Etsu’s Vancouver-based North American headquarters, will likely use the facility to manufacture silicon wafers for computer chips or to make solar panel components, though nothing has been announced as of yet.
SEH’s current Vancouver campus is not fully built out, and could potentially house more wafer manufacturing. The demand for SEH’s products is booming. The Intel supplier stands to benefit from expansions underway in Hillsboro that will increase Intel’s demand for the 12-inch wafers that SEH makes. And state and federal tax credits, as well as widespread efforts to boost power generation through renewable energy, has spurred growth in the solar industry.
For the full story, click here http://budurl.com/kcsa
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