Massage School Filling Out Felton's Plaza West

TIGARD, OR-The massage school Ashmead College has signed a 7-year lease that will put its first Oregon location in 18,249 sf at the Plaza West Office Building in Tigard with good exposure to Highway 217. The $3-million lease deal brings Felton Management’s 66,200-sf building at 9600 S.W. Oak St. to 85% occupancy.

Felton and Time Equities acquired Plaza West, built in 1982, in April 2001 as part of a $100-million acquisition from ASA Properties of Honolulu that included 11 Northwest properties. The Portland-region portion of the portfolio–623,000 sf worth of class A office, flex-industrial and retail space–sold for $45.4 million.

At the time of the purchase, Plaza West had just 55% occupancy. Felton then pumped $350,000 into renovations of the lobby, elevators and other common areas, prompting at least one existing tenant to expand and several new tenants to relocate to the building. The annual full-service asking rate in the building is $21.50 per sf.