Dorn-Platz of Glendale, Calif. paid $2.3 million last summer for the rights to the $80-million, 8.5-acre development that had stood half built and rusting since 1999. The seller was the City of Beaverton and Enron Microclimates, which gained control of the property in bankruptcy court after the original developers, Selwyn Bingham and Sylvia Cleaver, ran out of money.
Dorn-Platz has since finished developing the office building and is completing two connected residential buildings, according to project manager Cherie Henry. This month, Henry tells GlobeSt.com the developer will break ground on a third multi-level structure that will include ground-floor retail, parking and around 50 more condominium units. Two more office buildings totaling 250,000 sf also are planned. The region's light rail line cuts through a circular courtyard that divides the development.
Information on condo sales was not immediately available, but the restaurant Typhoon has signed on for space beneath the two connected condo buildings and 24-Hour Fitness will occupy 37,000 sf on the ground floor of the building set to break ground this month. The retail leasing assignment belongs to New & Neville Real Estate Services.
As for the office buidling, a Coldwell Banker office occupies the ground floor office space in the building and the rest remains largely available. Local broker Buzz Ellis, who has the office leasing assignment, tells GlobeSt.com he recently inked a deal with an 800-sf user and has another 4,000-sf lease out for signature. Beyond that, he says he's still courting another 4,000-sf user as well as a 12,000-sf user.The annual full-service asking rate for space in the office building is $22.50 per sf, but asking rates have fallen since then and the deals being signed in the market place are typically 20% to 25% off asking rates, according to a recent Grubb & Ellis report.
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