Schnitzer's 5800 Meadows Up, In Search of Tenants

PORTLAND, OR-Schnitzer Northwest and Schnitzer Investment Corp. are declaring their latest Kruse Way class A office development complete, albeit not completely leased.

A just finished 80,000-sf office building called 5800 Meadows is the second and final building in the 198,000 sf Meadows development near the Interstate 5-Highway 217 interchange. The new building stands empty, but 6000 Meadows, completed last year, is 96% leased, putting the project’s overall vacancy at about 53%.

Gross asking lease rates for space in 5800 are $29 per sf. Its competition will come mainly from Kruse Oaks I, a nearby 92,000-sf class A office building acquired by Equity Office Properties Trust from Spieker Properties along with 13 other buildings in the corridor.