SIOR Hands Out Top Development, Transaction Honors

PORTLAND-The Society of Industrial and Office Realtors on Friday feted their favorite developments and transactions of 2001. On the development side, Opus Northwest LLC won for the 90,000-sf Southwest Center office building and Insignia/ESG took industrial honors for its 301,000-sf SunTech Corporate Center industrial development.

“Sometimes projects just don’t go right,” said Bruce Wood, senior development director for Opus Northwest. “With this one, it seems like everything went right.” After closing on 5.5 net acres at 76th and Durham Road for $1.84 million ($7.69 per sf) in February 2000, Opus broke ground that September, completed the shell in March 2001 and signed its first tenant in June. The 88,335-sf three-story tilt-up opened 90% leased and was sold in November for $16.43 million ($186 per sf). Grubb & Ellis brokers Steve Marcy, Cliff Finnell and Mike Thomas leased up the building to Allstate Insurance (48,000 sf) and United Healthcare (30,000 sf) at an average rate of $23 per sf, full service. Opus paid out $1.14 million in brokerage fees.

The land for SunTech Corporate Center–just under 25 acres–was acquired in June of 2000 from Standard Insurance for a hair over $4 per sf. Six months later, on Dec. 21, Sun was moving into the $22 million, 90,000-sf first phase–a $5 million building with $17 million in tenant improvements. “Everybody involved said they broke all development records,” said Insignia leasing manager Colby Holley last year. Insignia initially hoped to have the four-building development 50% preleased upon completion, but came closer to 80%. The contractor for the overall project was PNC Construction. The designer was Soderstrom Architects.