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Benjamin Franklin Plaza Now Umpqua Bank Plaza

PORTLAND-In deference to a staged expansion lease that eventually will make the Southern, OR-based West Coast bank the building's largest tenant, owner Equity Office Properties accordingly renames the 19-story building.

By Brian K. Miller | Updated on January 24, 2005

PORTLAND-Umpqua Bank recently agreed to make itself the largest tenant in Benjamin Franklin Plaza, a commitment that won it naming rights to the 19-story, 274,000-sf building overlooking the Willamette River. The name change to Umpqua Bank Plaza was made official last week.Umpqua currently occupies about 12,000 sf in Umpqua Bank Plaza–a 5,303-sf lobby branch and 6,588 sf on the 9th floor–and about 15,000 sf at 200 Market. The staged 41,000-sf expansion lease, some of which may or may not come out of the 200 Market Building, will grow the bank’s presence in Umpqua Bank Plaza to 52,924 sf over the next five years, according to the company’s SEC filing. The value of the lease agreement and the specifics on the staging of the lease were not made available. The term of the lease expires November 30, 2016, and Umpqua Bank has two five-year extension options, according to an SEC filing. The lease commitment lowers availability in the building to below 10%, according to officespace.com. Annual full-service asking rents for available space in the building range from $21.50 per sf to $23.50 per sf. Umpqua Bank Plaza is located at One SW Columbia St. Mark Friel of Norris Beggs & Simpson represented Umpqua in the transaction. Eric Castle was the in-house representative for Equity Office. A source at EOP tells GlobeSt.com that despite the name change trailing the lease deal by about a month, the name change was part of the lease expansion agreement. Umpqua Bank, headquartered in Roseburg, OR, is a subsidiary of publicly traded Umpqua Holdings Corp. Umpqua Bank and has 92 locations between Sacramento, CA and Vancouver, WA. Umpqua Holdings also owns retail brokerage subsidiary Strand, Atkinson, Williams & York, Inc., which has 19 locations throughout Oregon and Southwest Washington and offers brokerage services within Umpqua Bank stores.

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