Lou Lauman of CB Richard Ellis represented the seller, Henderson Global Investors (for Phoenix Life Insurance Co.), but was not immediately available for comment. Insignia/ESG, which has a relationship with McMorgan nationally for management, was awarded both the management and leasing assignments.
The two building, class B+ office project developed from 1987 to 1988 with a typical floor plan ranging from 21,000 to 28,000 sf and free parking at 4 spaces per 1,000 sf leased. Leasing broker Coby Holly says the building is will benefit from the 1998 River District Renewal Plan, which calls for the development of a Greenway Park at the neighboring centennial Mills site as well as a gateway bridge connecting river district to the rest of the burgeoning Pearl District.
The project is located on the Willamette riverfront at 1650 & 1750 Northwest Naito Pkwy., just south of the Fremont Bridge. The annual full-service asking rate for space in the building is $22 per sf, but just 2,400 sf is currently available.
There are about 20 tenants in the development at this time. The largest tenant, Harris Group, leases about 27,000 sf. The next largest tenant is Benson Industries, which leases 17,000 sf. The Oregon Safety and Health Administration is the third largest tenant, leasing about 15,000 sf.
McMorgan and Co. funds also own the Hawthorne Business Center buildings in Hillsboro, Quad 205 in Vancouver, Wash. and the Clackamas Promenade Retail Center in Clackamas. McMorgan also recently was assigned the 100,000-sf One & Two Technology Center in Hillsboro, an asset previously managed by Capital Consultants.
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