"Portland is a very stable market with very good fundamentals, and we certainly would like to grow there," says Callahan. "But investment is a national question and Portland is competing for investment dollars with markets all over the country, which doesn't necessarily translate to we'll buy there in the next 12 months."

Equity Office Properties Trust all of a sudden owns 42 office buildings in the region thanks to last week's $7.3-billion merger with Spieker Properties. On a square footage basis, it equates to about 3.8 million sf, making EOP by far the largest owner of class A office space in the region. Callahan tells GlobeSt.com the combined portfolio is over 94% leased on a direct basis. Another 3% is available on a sublease basis.

In the Central Business District, the company now owns three office buildings totaling about 875,000 sf. In addition to the 376,159-sf 1001 Fifth Avenue building it owned prior to the merger, EOP now owns the 269,091-sf Benjamin Franklin Plaza at 1 SW Columbia and the 229,510-sf One Pacific Square at 220 NW Second Ave.