The building is 95% leased, although the federal Bureau of Land Management has vacated 80,000 sf for which it is still paying rent. The building's other major tenant is the General Services Administration, which occupies 87,000 sf.
According to Oregon Title, also is a tenant in the building, the seller is listed as Property Oregon OB One Corp. Other reports list the seller as Clarion Partners, which is an investment advisory that was dealing on behalf of the pension fund. Title records show Property Oregon OB One Corp. purchased a 50% share of the building from Pacific Life Insurance Co. for $11.07 million in January of 1998.
Chris Johnson and Gene Bentley of Norris Beggs & Simpson brokered the deal. The leasing agent is Doug Jones, also with NBS. There is less than 10,000 sf directly available in the building, according to Jones. Annual asking rates are around $22 per sf, full service.
BLM vacated its 80,000 sf when it relocated to Robert Duncan Plaza. Information was not immediately available on how much time the BLM has left on its 80,000-sf lease, as Weston Holding's Joe Weston was not immediately available for comment. The space is not currently being marketed for sublease.
Weston Holding Co. is a private investment company. Its local portfolio includes Commonwealth Building, Terminal Sales Building and The Tiffany Center.
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