The Portland real estate development company will prepay the Port of Portland $1.04 million or $10 per sf for a 55-year lease of 2.4 acres adjacent its existing 4.34-acre lease within Portland International Center, the Port's 458-acre, master-planned industrial park. The newly leased land is between Equity's existing leasehold and the Embassy Suites Hotel.

Upon execution of the lease, Equity's plans are to assign it to MEPS/PDX, LLC, a limited liability corporation comprising Equity's principals and Peter Stott, chief executive officer of Crown Pacific Corp. The Portland-based brokerage Doug Bean & Associates represented Equity in the land transaction with the Port.

On Equity's existing lease is located the four-story One Airport Center. The 72,000-sf building built in 1996 is home to Centennial Bank, Tahan Advertising Agency, IHOP Corp., Primerica Financial, TRW Inc., Pacific Fishery Management Council, and Rentrak Corp., which distributes pre-recorded video cassettes to home video retailers.