Lincoln Property Inks Full-Flooring Lease in Portland – Industrial Property Govt

  • Pacwest Center
  • Pacwest Center lobby
  • Pacwest Center terrace

Legislation agency Jordan Ramis has signed a full-floor lease at Lincoln Property Co.’s Pacwest Middle in downtown Portland, Ore. With move-in deliberate by the top of the yr, the tenant will relocate its headquarters to the complete twenty seventh ground of the 30-story Class A workplace tower.

Cushman & Wakefield Managing Administrators Lana Baldock and Dan Swift represented the owner within the lease signing, whereas JLL Managing Administrators Andrew Rosengarten and Chris Elsenbach labored on behalf of the tenant.

The highest two flooring of the 522,161-square-foot workplace tower are nonetheless out there for lease, a primary within the final 20 years, as famous by Swift in a ready assertion. Baldock added that Pacwest Middle provides a office setting to satisfy the post-pandemic “flight to high quality” development.

The legislation agency will transfer its headquarters from Lake Oswego, Ore., the place it has been working since 1993. Jordan Ramis will complement the present tenant roster on the property, which incorporates AlphaMedia, KeyBank, Perkins & Co., The Commerce Financial institution of Oregon and Starbucks, amongst many others.

Give attention to tenant expertise

In response to CommercialEdge, the proprietor picked up the asset in 2016 for $170 million. The identical supply reveals that the LEED Silver-certified constructing was accomplished in 1984 and underwent beauty renovations in 2002, 2011 and 2019, the final improve being underneath Lincoln Property Co.’s possession, geared toward enhancing tenant expertise.

On-site facilities embrace convention and assembly facilities, in addition to a tenant lounge incorporating an outside terrace. A health middle, steam rooms, bathe and locker amenities, together with an indoor bicycle hub are additionally among the many facilities on the location. Moreover, the identical information supplier exhibits that the property additionally contains 16,000 sq. toes of retail area.

Positioned at 1211 SW fifth Ave. roughly 10 miles from the Portland Worldwide Airport, the transit-oriented workplace tower provides entry to 11 metro stations. The downtown location additionally supplies connectivity to an array of retail, eating and leisure choices.

In response to a latest CommercialEdge report, workplace emptiness charges pursue an upward trajectory at a nationwide stage. As of November, Portland had a 15.6 p.c emptiness, barely decrease than the nationwide common, which hit 16.2 p.c that month.

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