ADP Mulling Its 130,000-SF Options

PORTLAND-One of Portland’s largest, most creditworthy office tenants is testing the waters as the end of its current lease draws near, and given the current market there should be a whole lot of incentives being offered up to try and attract them, and keep them.

Automatic Data Processing, the 115,000-sf anchor of the 181,000-sf ADP Plaza office building in Downtown Portland, has CB Richard Ellis negotiating with the representatives of ADP Plaza and at least three other building owners in order to take advantage of the current depressed marketplace.

CBRE’ s Nathan Zoucha, a Portland-based broker working with Senior Director Robair Reichenstein out of the New York office, confirms for GlobeSt.com that ADP has a lease expiring Dec. 31, 2004 and is looking to seal a new deal in the near future with either its existing landlord–an Indonesian group represented by Gary Griff and Scott Madsen of Cushman & Wakefield–or the owner of another building in the area. “We’re looking at buildings able to bridge that gap with free rent or existing tenants,” says Zoucha.