To stay, the Chicago-based market research and consulting firm reportedly was offered tenant improvement (remodeling) money in the range of $25-$30 per sf, which is what new tenants are normally offered to relocate from another building. As well, starting form an asking rate of $26 per sf, the company was reportedly able to swing a deal for closer to $22 per sf.
Dave Squire and Brandon Frank of Grubb & Ellis represented the tenant. Mark Fraser of Colliers International has the leasing assignment for Seattle-based Unico. Eric Grindy of CB Richard Ellis has the leasing assignment for the U.S. Bank space, which is being marketed for between $21 per sf and $24 per sf.
Last November, the law firm Miller Nash signed a $28-million, 70,000-sf renewal lease in the building after being courted by the brokers for several other Downtown buildings. Law firm partner Jonathon Goodling specifically cited Unico's effort to replace Atwater's, a restaurant on the office tower's 30th floor that closed last year. Pacific Coast Restaurants recently opened Portland City Grill after a $3 million renovation of the space.
According to Grubb & Ellis' first quarter report released Monday, The Portland office market registered its highest single quarter increase in vacancy since the middle of 1999--up to 13.2% from 11.7% at the end of 2001--evidence that the local economic slowdown continues to hamper Portland area companies. Sublease space increased to over 1.2 million sf and annual class A asking rents dropped 10% to $23.65 per sf.
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