Schnitzer Northwest LLC picked 5800 Meadows in January 2001 along with the neighboring 6000 Meadows for $40 million, or about $200 per sf. Unlike 5800, however, the 113,000-sf 6000 Meadows came 95% leased to Salomon Smith Barney, Harza Engineering, Star Mountain Home Funding and several other tenants. 5800 came not yet complete and without any early tenant commitments.
At that time, Norris Beggs & Simpson, which brokered the acquisition, was handed the leasing assignment for 5800. It would take nine months to land the building's only tenant, but it was a big one. Kaiser Foundation Health Plans in November signed a five-year, $6-million lease for the building's top two floors.
"We have been very pleased with Norris Beggs & Simpson's hard work throughout the year," states Morris. "The expiration of the listing agreement will help free up the Norris Beggs & Simpson team so that they may focus on other Schnitzer Investment Corp. properties and possible acquisition opportunities for Schnitzer Northwest."
Ellis, BOMA's 2001 Broker of the Year and currently president of both the Commercial Association of Realtors and the Oregon Chapter of the Society of Industrial and Office Realtors, tells GlobeSt.com the asking rate for the first floor of the building, which is slated for division into smaller chunks, is $28 per sf, full service. The asking rate for the second floor, for which they hope to attract a single user, is $28.75 per sf.
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