The lease brings the overall development to about 94% leased. The exact rental rate on the deal was not immediately available. The asking rate for the space was $0.35 per sf per month for the shell and $1.00 per sf per month for office use. At that rate, the deal's value would be more than $1.6 million.

PPM, a wholly-owned subsidiary of Australia-based PaperlinX Ltd., is taking space being vacated by Circle Air Freight, which has consolidated with Eagle Freight, which is also in the building. PPM chose the space because it could accommodate both a high office build out and the extra load factor presented by large rolls of stock paper.

Riggs & Co. was represented by Steve Klein, formerly of Trammell Crow. PPM was represented by Tom Talbot and Steve Barragar, both with Grubb & Ellis. Trammell Crow has the management assignment for Alderwood, which stands on land owned by the Port of Portland. Alderwood is part of the Port's 458-acre Portland International Center.