GSA Inks Lease at 1201 Lloyd for Bureau of Indian Affairs

PORTLAND-The first of what brokers hope will be several new leases has been signed at 1201 Lloyd, the 222,777-sf class A office building that was delivered about one year ago to an unreceptive market. The 6,477-sf commitment, which more than doubles the amount of leased space in the 11-story building, was made by the General Services Administration. At the GSA’s behest, brokers involved in the transaction aren’t saying who the actual tenant is, but others familiar with the deal say it is for the Bureau of Indian Affairs.

The lease, for the south side of the second floor, is the first to be announced since Oregon Title took about 3,000 sf on the ground floor of the building in September. Before the building was completed, full-service asking rates ranged from $27.50 to $30.00 per sf per year. As of this latest deal, the full-service range is now $23.50 to $25.50.