Law Firm Fills Out 15th Floor at Fox Tower

PORTLAND-Net IQ has subleased 7,964 sf on the 15th floor of the Fox Tower to the law firm Parsons, Farnell & Grein at a full service rate of around $18 per sf per year. As part of the deal, the law firm received a tenant improvement allowance of around $20 per sf and a few months free rent, according to local brokers familiar with the transaction.

Net IQ assumed a lease obligation for four floors (57,000 sf) in Downtown Portland’s newest office tower when it acquired Webtrends in 2001. Net IQ originally tried to sublease the entire 15th floor, which was still in shell condition, but building owner TMT Development last year bought out about 11,000 sf of Net IQ’s lease obligation on that floor in order to do a direct deal with Crown Pacific. The law firm’s lease is for the space that TMT did not take back.