GLOBEST.COM UPDATE: M Financial is Brewery Blocks Latest Tenant

PORTLAND-M Financial is the 52,000-sf user Gerding Edlen wouldn’t name last week in an article on GlobeSt.com about the expansion of the Art Institute of Portland in the same building of its five-block redevelopment project known as the Brewery Blocks. An M Financial principal is also said to be a Brewery Blocks Investor, but Gerding Edlen wouldn’t comment on that, either.

With the Art Institute having recently expanded in the 10-story, 260,000 sf office building to be built on Block 4, that particular building is now about half preleased. The M Financial lease, for the top floors of the building, was probably signed near the top of the asking range, which was $23 per sf NNN. Add in several dollars per sf for full service, and the 10-year lease deal is valued at more than $15 million, which is why the building will be known as M Financial Plaza.

Meanwhile, Block 1 is already full. With fiber optic networking provider Tycom leasing 80,000 sf of office space and grocer Whole Foods Market leasing all 43,000 sf of the available retail space, just a few thousand square feet remains. Tycom is paying about $24.50 per sf (triple net) for its space. The company received a $20 per sf tenant improvement allowance. Whole Foods lease rate was not available.