1201 Lloyd Rises While Market Rests

PORTLAND-The target date for a signed lease at 1201 Lloyd is September, six months prior to completion, says Dan Swift, managing director of Portland-area brokerage for New York-based Insignia/ESG, which is co-developing the 222,500-sf mid-rise office project with Houston-based Transworld Properties. Between now and then, Swift tells GlobeSt.com, he’ll be taking many a trip in the construction elevator, showing off the building’s expansive mountain and city views for potential tenants, most of whom are expected to come from existing Central City tenants whose leases are expiring.

The project, rising on Holliday Street between Northeast 11th and 12th avenues, will be the first traditional office tower to open here since the Fox Tower in Downtown. Triple-net asking rates are $20 per sf to $22.50 per sf annually.

Sonna Durdel, Insignia’s executive director for the Pacific Northwest, tells GlobeSt.com the speculative building was expected to have few tenants prior to completion. “We are hitting the market just right,” Durdel tells GlobeSt.com. “Nobody forecast this downturn we’re experiencing, but being done with the building in the spring of 2002 bodes well.”