Vestas, Port in Final Lease Negotiations for $100M Headquarters Project

PORTLAND-Vestas Wind Systems, a Denmark-based manufacturer of wind-powered turbines, will spend upwards of $100 million to build a new North American headquarters and manufacturing operation on 113 acres in the Port of Portland’s Rivergate Industrial District.

Vestas, which generated $1 billion in revenue last year, announced on Wednesday its Palm Springs, Calif.-based American subsidiary Vestas American Wind Technology Inc. is in final negotiations with the Port to lease the land and develop a 700,000-sf complex consisting of several manufacturing buildings, storage buildings and yards, and office buildings.

The project will be built on land across the street from the 23-acre Rivergate Corporate Center (circled in red in accompanying photo), a recently announced two-building, 488,000-sf distribution center under development by Kennedy Associates Real Estate Counsel, which in investing $20 million in the project on behalf of Multi-Employer Property Trust, a $3 billion union trades pension fund based in Delaware.