Chicago Title Inks Office Leases Totaling 31,000 SF

PORTLAND-Chicago Title signed leases for its two title plants and one of its retail locations. In deals totaling 31,000 sf, the title services firm renewed leases for one title plant and the retail location, and inked a new lease for the other title plant, moving it across the street.The largest deal was for its title plant in Clackamas, says Brandon Frank of Grubb & Ellis, who brokered the deals for Chicago Title. In that transaction, Chicago Title signed a lease for 16,990 sf in Two Town Center, a family trust-owned building located at 10135 SE Sunnyside Rd., across the street from its current location in the Promenade Plaza building, which is owned by an individual local investor.”The move was based purely on economics,” Frank tells GlobeSt.com. “The current landlord was unwilling to meet the market, and the new landlord went above and beyond the call to complete the transaction; they met and exceeded the market, making the decision to move next door very easy.”The title plant for which Chicago Title renewed its lease is in One Main Place in Vancouver, WA. The building is located at 1111 Main Street. The size of the lease is 8,993 sf. The 5,142-sf retail location for which Chicago renewed its lease is located at 9900 SW Greenburg Rd., a property in the Columbia Business Center in Tigard, OR, that is owned by Atherton Realty Partnership of Portland. Frank declined to provide the specifics of the lease agreements, citing confidentiality agreements, but did say that Chicago Title lowered its lease rates in Tigard and Vancouver by $2 per sf and $3 per sf, respectively, not including additional concessions. Other sources familiar with the transactions tell GlobeSt.com that the annualized lease rate for all three leases is in the range of $17.50 per sf.Two Town Center was represented in its lease negotiations with Chicago Title by Doug Bean & Associates. Steve Reaume of Cushman & Wakefield represented the owner of the Greenburg Road property. One Main Place represented itself.