Equity Gains Anchor for Kruse Woods V

LAKE OSWEGO, OR-Equity Office Properties Trust has found an anchor tenant for Kruse Woods V, its new 184,000-sf class A office building in the Portland region’s Kruse Way submarket located just east of Interstate 5 in Lake Oswego.

Northwest Evaluation Association, a non-profit membership organization committed to helping K-12 school districts meet assessment goals, has signed a lease for 80,487 sf on the second through fifth floors of the building, which was delivered earlier this month. The company will relocate to the building in December from about 30,000 sf in PacTrusts nearby Tigard Triangle Building.

The lease rate on the transaction is not being revealed by the parties involved, however; the full-service asking lease rate for space in the building is $28.50, and local brokers say that given the submarket’s high occupancy the asking rate will at least be close to the average rate over the life of the lease. Lynda Clarke, Equity regional vice president of management and leasing, tells GlobeSt.com that the rate includes a $20 per sf tenant improvement allowance, which she says is really closer to $25 per sf given the fact that Equity’s buildings are delivered with more infrastructure than most other buidlings.