Miller Nash Signs $28-Mil Lease Renewal

PORTLAND-The law firm Miller Nash on Tuesday signed a 10-year lease renewal with extension options for the 33rd through 36th floors of the 40-story Unico/U.S. Bancorp Tower anchoring the north end of Downtown Portland.

The lease rate for the deal is not being released by those involved, but sources familiar with the deal say Miller Nash is getting a substantial tenant improvement allowance and a lease rate that averages out to about $24 per sf. With Miller Nash taking somewhere between 67,000 sf and 72,000 sf, depending on the remodel, that rate would make the deal worth around $28 million.

Miller Nash’s existing lease was set to expire in Dec. 2003. Mark Fraser and John Kohnstamm of Colliers International represented Unico. Tom Becic of Melvin Mark Brokerage represented Miller Nash. The law firm was heavily recruited by the brokers for several new office buildings, some under construction and others still seeking approval.