Coldwell Banker Barbara Sue Seal Properties has leased the entire first floor of the development's first office building fore what will be its largest branch office. Move-in is scheduled for Nov. 1.
The full-service asking rate for the 106,000-sf office building is $22.50 per sf, but owners have been more than willing to wheel and deal these days and leasing broker Buzz Ellis promises that The Round will be "the lowest cost class A alternative in the greater Portland area."
Next to fully commit to the project should be 24-Hour Fitness, which has signed a letter of intent for 37,000 sf on the ground floor of an adjacent multi-level parking garage. The retail leasing assignment belongs to New & Neville Real Estate Services. Retail asking rates were not immediately available.
At build out, the 8.5-acre multi-building development will feature more than 350,000 sf of office space, 120,000 sf of retail and restaurant space and 65 residential lofts. The region's light rail line cuts through a circular courtyard with water features and an amphitheater at the center of the development.
Preferred Bank of California provided a $15 million loan for construction of the office building. The City of Beaverton had made proof of construction financing a condition for the project to move forward after the original developers, Selwyn Bingham and Sylvia Cleaver, went bankrupt in 1999, two years after it got the project off the ground.
Until work restarted earlier this year, the project's first two structures--the office building an apartment building--sat half built. Dorn-Platz of Glendale, Calif. agreed to buy the project's development rights for $2.3 million last summer from Beaverton and Enron Microclimates, which gained control of the property in bankruptcy court.
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