SAS signed the one-year lease to open quickly while it shopped for a larger space in the market. Ultimately, Birtcher Properties, which developed and manages the park for State Farm, convinced SAS to remain at the park.
The brokers involved in the deal declined to reveal the negotiated lease rate. Other local brokers familiar with the transaction tell GlobeSt.com that the annualized full service asking rate for space in the 95,000-sf office building is $22 per sf and that the net effective rate is probably closer to $20 per sf considering most owners in the submarket will trade tenants one month of free rent per year of commitment.
The lease commitment leaves 33,000 sf available in the 1915 Building. At the twin 1925 Building availability is 27,000 sf, not including the 23,000 sf SAS will be vacating next year.
AmberGlen Business Center is Oregon's largest business park with 217 acres and over 1.4 million sf in 24 buildings. The campus has 47 developable acres and includes class A office, R&D and light manufacturing space.
Dave Squire, Eric Haskins and Brandon Frank of Grubb & Ellis represented Birtcher in the lease negotiations and have the ongoing leasing assignment. Steve Reaume of Cushman & Wakefield represented SAS in the transaction.
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