Half of the 200,000 sf is thanks to US Bancorp, which renewed its lease just before it sold the building to Unico in 2000 for upward of $120 million. Eric Grindy of CB Richard Ellis has the leasing assignment. The other 100,000 sf is directly available and being marketed for Unico by Mark Fraser of Colliers International.
The two will have another amenity to market next month when Pacific Coast Restaurants opens Portland City Grill on the 30th floor. The restaurant, which replaces Atwater's, will serve American-style food, featuring steaks and seafood. Pacific Coast reportedly spent $3 million on renovations.
There is some precedent the restaurant could help leasing efforts. When the law firm Miller Nash signed a $28-million, 70,000-sf renewal lease in the building last November after being courted by the brokers for several other Downtown buildings, firm partner Jonathon Goodling specifically cited Unico's decision to replace Atwater's.
"In some ways that was an important consideration," Goodling told GlobeSt.com. "It's a nice amenity to have in a building, and the fact that Unico went out and found someone to operate it instead of converting it to office as had been rumored showed us a commitment, an understanding as to what it takes to make a successful office tower."
Grindy says US Bancorp is marketing its space for between $21 per sf and $24 per sf. The space is generally in the lower half of the building. Unico's available space, which is generally higher in the building, is being marketed for between $22 per sf and $28 per sf.
In the Downtown class A market, CB Richard Ellis tracks 22 buildings with 7.3 million sf of net rentable space. The direct vacancy rate at the end of 2001 was 6.65%. When sublease space was included, the Downtown class A vacancy rate jumped to 10.29%. At the end of the third quarter, the rates were 6.38% and 9.88%, respectively. At the end of 2000, the direct rate was 2.47% and there were virtually no sublease availabilities. Average class A asking rates per sf, beginning with the fourth quarter of 2001 and ending with the fourth quarter of 2000 quarters, looked like this: $24.18, $24.20, $23.98, $23.61 $23.16.
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