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Tenant Expansions Take AMB Property to 90% Full

BEAVERTON, OR-The Cascade Business Center here is more than 90% leased now that HemCon and the State of Oregon have expanded their leases in the 186,581-sf flex-office development.

By Brian K. Miller | Updated on November 16, 2004

BEAVERTON, OR-A pair of tenant expansions has soaked up more than 30,000 sf of vacant space at Cascade Business Center, a 186,581-sf flex-office development here that is owned by publicly traded AMB Property Corp. HemCon, a manufacturer of dressings and other wound care products has expanded its presence at the park to 31,808 sf from just over 10,000 sf. The company signed a 10-year lease. The average, blended lease rate is believed to be equal to the asking rate of $0.75 per sf per month. The tenant is paying for improvements to the space, which are currently underway. Occupancy is scheduled for early next year. In addition, the State of Oregon last week expanded its lease at the park from 16,821 to about 27,000 sf. The lease term is five years. No other details were readily available. The two expansions leave just 16,000 sf available to be leased, says Trammell Crow Co. broker Dave Ellis, who has the leasing assignment for AMB with fellow TCC broker Mark McFarland. Cliff Finnell of Colliers International represented HemCon. Finnell was not immediately available for comment Monday afternoon.HemCon, founded in 2001, makes a bandage designed for use by first responders in emergency medical and other out-of-hospital environments where the rapid control of bleeding is important. The expansion is the result of HemCon recently landing a $6-million Department of Defense appropriations contract to enhance production of the HemCon Hemostatic Bandage.

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