EOP Talks Portland Market with GlobeSt.com

PORTLAND-Equity Office Properties Trust likes Portland’s fundamentals and wants to grow here, but having just bought itself a dominant position in the market, EOP regional director Pat Callahan tells GlobeSt.com it will likely be several months before there’s much but management going on.

“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.