Davis Wright Tremaine Renews 76,000-SF Lease

PORTLAND, OR-Following the lead of its peers in recent years, Davis Wright Tremaine has opted to renew its 76,000-sf lease at Wells Fargo Center rather than move to another existing building or anchor a new development. As a result of the long-term deal, the law firm will continue to occupy 100% of the building’s 22nd through 25th floors and a portion of the 26th floor.The company began considering its options two years ago, several months after the Miller Nash law firm renewed its 70,000-sf lease at the US Bancorp Tower, and right around the time Schwabe Williamson & Wyatt renewed its 84,000-sf office lease at Pacwest Center. In addition to existing competing office buildings, all three law firms were courted by developers who have plans for new office buildings in town but have yet to land the early commitments they need to break ground. Tom Fellman of CB Richard Ellis represented Wells Fargo in its negotiations with Davis Wright Tremaine. Fellman tells GlobeSt.com that agents for existing buildings Pacwest Center and US Bancorp Tower also courted Davis Wright Tremaine, but that ultimately the law firm decided the best deal was to stay put and have Wells Fargo remodel their space. “I always felt it was our deal to lose,” says Fellman. “But it was by no means a slam dunk.”

Fellman declined to reveal the negotiated lease rate on the transaction. The asking rate is in the low-to-mid $20s per sf, however, and local brokers familiar with the property estimate that Davis Wright Tremaine likely will be paying an average rate in the mid-$20s per sf. Neither the law firm nor its brokers, Mark Carnese and Tom Usher of Cushman & Wakefield, could be reached for comment.DWT has been a tenant in the building for close to 15 years, first signing-on with the building back in 1989 for approximately 40,000 sf, and adding space over the next 10 years. The firm’s current lease at Wells Fargo Center (1300 SW Fifth Ave.) was set to expire in 2005. Other major tenants in the building include: Wells Fargo Bank, Price Waterhouse and KPMG.