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Software Developer Grows in US Bancorp Tower

PORTLAND-A developer of anti-fraud software expands its commitment in the 43-story Downtown office building from one-half floor of bank sublease space to a full-floor lease directly with the building owner.

By Brian K. Miller | Updated on January 26, 2005

PORTLAND-Iovation Inc. is rising and expanding in Downtown’s largest office building, the 43-story US Bancorp Tower. The anti-fraud software developer is moving from half of the 10th floor, which it subleases from US Bank, to all of the 32nd floor, which it will lease directly from the building owner, a joint venture of Seattle-based Unico Properties and Broadreach Capital Partners of Menlo Park, CA.The building’s general manager Brian Pearce tells GlobeSt.com the 18,426-sf lease commences April 1 and lasts seven years. Annualized direct lease rates in the building range from $19- to $23 per sf depending on location within the building. Everything above the 11th floor has unobstructed 360-degree views, says Pearce. Lease rates typically include a tenant improvement allowance of between $20 and $30 per sf.Pearce says the tenant is expanding in advance of a major marketing effort to promote its IeSnare anti-fraud software. The extra space will be used not only to accommodate previous growth that has the company cramped in its current space but also to provide additional post-sale technical support staff. US Bancorp Tower is 93% leased, which means there’s about 70,000 sf directly available in the building, including the entire top floor. US Bank, which master leases 480,000 sf in the building through 2015, has about 40,000 sf of sublease space on the market. In explaining the building’s above-market occupancy, Pearce says that since 2000 it has renewed 17 tenants, brought in 18 new ones and only lost two to other Downtown buildings. “We’ve lost a few who moved outside the county due to the tax situation and a few that have either gone out of business or been acquired by out-of-towners,” says Pearce. “But as far as musical chairs in Downtown, we’ve only been on the losing end twice; to me, that’s where the rubber meets the road.”

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