Foster Pepper Tooze Leases 18th Floor of ODS Tower

PORTLAND-Foster Pepper Tooze has leased the 21,213-sf 18th floor of ODS Tower. The law firm will move from the 16,000-sf 15th floor of One Main Place at the end of October.

The 18th floor of ODS is currently occupied by Copper Mountain Trust, which signed a lease in 1999 that ran through October 2006. Wright Runstad, which manages the building for majority owner Oregon Dental Services, allowed the investment advisory to buy out the remaining term on its lease at a discount and then used the proceeds to land Foster Pepper. The law firm will get a steeply discounted rate for three years Copper Mountain bought out of, and then the rate will quickly ramp up to market rate, which for newer class A view space is currently in the range of $16.50 per sf per year, triple-net.

Copper Mountain bought out its lease at 601 SW Second Ave. in order to move in with its new owner, Union Bank of California, which is located five blocks to the west in the Union Bank of California Tower at 707 SW Washington St. Information was not immediately available on how much space Copper Mountain would be moving into at UBC Tower.