JBH Company's 123,000-sf 224 Corporate Center was delivered in the second quarter of 2002 and remains unoccupied. The company's 62,000-sf International Plaza will be delivered this summer and also is fully available. J. Blaine Hoggard tells GlobeSt.com he expects both properties to be stabilized by next spring.
"There is a lot of movement out of Multnomah County because of business tax increases and our lease rates are very competitive," says Hoggard, who has brought on C&W brokers Mark Carnese and Tom Usher to help him meet expectations. "There really are no other large spaces available in the submarket."
Wells Fargo is the lender on 224 Corporate Center and West Coast Bank is the lender on International Plaza. Annual full service asking rates are $21.50 and $18.50, respectively, which is right about the one-million-sf submarket's average full-service rental rate of $20.50 per sf per year. As of the end of March, the submarket's average vacancy is 27%.
224 Corporate Center is located off Highway 224 at Lake Road. The building has twin four-story towers with a shared three-story glass lobby. Hoggard, who says a few lease announcements will be forthcoming, estimates the building's stabilized value at $22 million.
International Plaza is being developed at 4580 SE International Way, where the 33,000-sf corporate office of JC Penny Credit Corp. once stood. JBH acquired the property from GE Capital Corp. for $2.75 million, tore down most of the existing structure and now is in the process of adding a two-story interior atrium courtyard and a full second floor. Hoggard estimates its stabilized value at $10 million.
JBH is a developer, general contractor and facility manager that was founded in 1987 and now owns about 400,000 sf of office, retail and industrial property in the area along with 400 apartment units. One of its better known projects is Aspen Summit Village, a planned unit development on the northern slope of Mt. Scott.
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