EOP Adds to Puget Sound Office Dominance

PORTLAND-With over 10 million sf in the Puget Sound market and close to four million sf in the Portland area as a result of its merger with Spieker Properties yesterday, Equity Office Properties Trust officials yesterday focused on the unprecedented opportunity it will give clients to fulfill their space needs without leaving the company’s portfolio.

Along with the portfolio additions, EOP is hiring 106 former Spieker employees — nearly 100% of the field personnel that managed buildings in the region. Spieker’s Lynda Clarke and Scott Coombs will handle overall management duties for EOP in Portland and Seattle, respectively.

In the Greater Seattle area, EOP’s 10.4 million sf is spread amongst 64 buildings. In the Portland area, its 3.8 million sf equates to 42 buildings. In Seattle, the EOP’s highest concentration is in Downtown Bellevue, where it owns just over 50% of the office space. In Portland, it’s easily Kruse Way, a high-rent suburban submarket just a few miles south of Portland on the east side of Interstate 5 wherein Spieker holds at least an 80% market share for class A office space.