Wyse Investment Principal Greg Close tells GlobeSt.com he's moving to 6,700 sf on the 11th floor of Unico Tower--the 40-story office building anchoring Downtown Portland's north end--from about 4,500 sf at 200 Market, a 19-story building anchoring the south end of Downtown.
"We struck a pretty good deal," says Close, who will be getting a tenant improvement allowance of about $30 per sf to redesign the space, which was last occupied by Louisiana Pacific about a year ago. Sources say the five-year direct lease carries an average full-service rate of under $21 per sf per year.
Wyse says there was no room available for his expansion at 200 Market. He adds that Wyse was let out of its lease early and without penalty because Regence, an anchor tenant in the building, will immediately be backfilling the space.
Mark Fraser and John Kohnstamm represented building owner Unico Properties in the transaction. Wyse represented itself.
Last month, on behalf of a group of clients, Wyse paid $12.7 million to acquire One Embassy Centre, an 86,676-sf, class A office building located at 9020 SW Washington Square Rd. in Tigard, Ore. Although the company has invested $200 million in the past 10 years on behalf of individuals and pension funds and manages more than 1.5 million sf, the acquisition marked the first time Wyse has expanded its offerings to include limited partnerships.
That kind of new activity is what prompted the expansion, says Close. "We've been on a slow-but-steady business expansion over the last couple of years due to a general increase in demand for our services from a broad range of clients," he says. "As individual wealth grows the need of our services tends to increase, and we've been able to pick up some really good people to handle the additional work."
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