The Kansas City-based publicly traded provider of health-related career training programs has been in Portland for decades and is currently leasing about 17,000 sf of leased space at 1827 NE 44th Ave. Company CFO Paul Gardner tells GlobeSt.com the company relocating to the larger space due to growth in enrollment.
Concorde Colleges chose Lloyd Plaza in part due to its proximity to the school's existing location and also because it could accommodate the school's parking needs, which are more extensive than the typical office tenant, says Gardner.
The building was built in 1965 and renovated in 1989. It is owned by 1201 Lloyd LLC, a group that includes the estate Ronald D. Gregory of Lynwood, WA. The same group owns the adjacent 1500 Plaza Building, but is not involved in the office building located at 1201 Lloyd Blvd.
Concorde was represented in its lease negotiations by Cushman & Wakefield brokers Jeff Woolf (Los Angeles) and Tom Usher (Portland). Norris, Beggs & Simpson broker Mark Friel had the leasing assignment.
None of the parties involved would reveal the negotiated lease rate, but the annualized full-service asking price was $16.75 per sf, and given the length of Concorde's commitment, it no doubt received a healthy tenant improvement allowance. Gardner says some of the space will be built out as medical lab space and the rest of the space will built out as classrooms.
Concorde has locations in six states. In Portland, Concorde offers training programs in: Medical Assisting, Dental Assisting, and Insurance Coding. Programs range from five to eighteen months, with an emphasis placed on hands-on clinical and laboratory experience.
Last month, Concorde released its preliminary year-end results for 2003. Revenue was approximately $74.7 million compared to $61.1 million for the same period in 2002, and student enrollment grew 11.1% to 9,454 compared to 8,510 in 2002.
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