The new 10-year lease is one of two commitments the power provider has at Southcenter. The leases are staggered by about two years. Combined, PGE leases about 29,000 sf at Southcenter, making it the second largest tenant in the park, which is now 95% leased and 88% occupied.

The annualized full-service asking rate for the space was about $20 per sf. The negotiated lease rate is not being revealed by the parties involved, but net effective rents are generally running at about a 10% to 20% discount from asking rates. Local brokers in a position to know estimate the value of the PGE lease at around $1.2 million.

The park is less occupied than leased because Sprint has Mark McFarland of Trammell Crow marketing 18,600 sf for sublease and because another 42,000 sf leased by U.S. Bank will be available directly when the lease expires this May. The space was used by U.S. Bank's equipment finance group, which was relocated to the Tigard Triangle.