Phillips & Co. Stays at One Pacific Square

PORTLAND-Phillips & Co. has renewed and expanded its lease in One Pacific Square. Portland’s fifth-largest stock brokerage signed a five-year lease for nearly 10,000 sf on the ninth floor of the 225,000-sf office building located just north of the Downtown Core at 220 NW Second Ave.

None of the parties involved would be specific about the negotiated rental rate and concessions, saying only that the deal was done “in the low $20s,” and that tenant improvement dollars were included for both the new and existing leasehold, allowing the firm to remodel its entire space.

The asking rate for the space was $22 per sf. Assuming the deal was done for $21 per sf, the deal value would be in the $1 million range, minus any free rent and the tenant improvement dollars, which were likely in the $10-to-$15-per-sf range.