AmberGlen Adds Four Tenants

BEAVERTON, OR-Two financial services firms, two technology-related companies and a law firm have leased a combined 30,227 sf at AmberGlen Business Center, a 217-acre park owned by Amberjack Limited and Birtcher Anderson Properties. The leases bring Oregon’s largest business park to 77% leased.At the 1915 NW Amberglen office building, Komatsu Silicon America, Inc. leased 12,985 sf. At the 1925 AmberGlen office building, Blakely Sokoloff Taylor & Zafman LLP leased 9,392 sf and First Pacific Mortgage leased 3,539 sf. At 2345 NW AmberGlen, Northwest Farm Credit Services leased 4,244 sf and at 1600 NW Compton, Varian Semiconductor leased 1,067 sf. David Squire, Brandon Frank and Eric Haskins with Grubb & Ellis in Portland represented the building owner in the transactions. Marty Horeis with CB Richard Ellis represented Komatsu. Jeff Falconer with Trammell Crow Co. represented Blakely Sokoloff. Buzz Ellis with Doug Bean & Associates represented First Pacific. Daren Duke with Colliers International represented Varian. Bill Smith with Norris Beggs & Simpson represented the Northwest Farm.None of the parties involved that were reached for comment would disclose the negotiated lease rates on the transactions. However, the full service asking rate for the buildings is $22.50 per sf per year and local brokers tell GlobeSt.com that net effective rents at AmberGlen are coming in slightly below that mark. Concessions in the marketplace generally include a solid tenant improvement package and one month of free rent per year of commitment. All of these latest leases were for between four years and seven years.AmberGlen Business Center holds about 1.4 million sf in 24 buildings. The campus has 47 developable acres and has a wide range of business facilities from class A office to research and development or light manufacturing space. AmberGlen’s 23% vacancy rate compares to an average for the sub market of 32% vacancy for pure office and 30.5% vacancy for flex-office space, according to first quarter numbers from Grubb & Ellis.