Schnitzer Switches Leasing Agents for 5800 Meadows

LAKE OSWEGO, OR-Doug Bean & Associates will try and finish what Norris Beggs & Simpson started at 5800 Meadows, a 88,000-sf class A office building off Kruse Way. Building owner Schnitzer Northwest has handed DB&A brokers Buzz Ellis and Jeff Sholian the leasing assignment for the building, which remains 50% vacant after more than a year on the market.

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.