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LandAmerica Relocating, Expanding Local Office

PORTLAND, OR-The title insurance and real estate transaction services company leases the 17,000-sf fifth floor in the office tower on Block II of the Brewery Blocks, a 1.7-million-sf five-block development on the northwest edge of Downtown. The 167,000 sf of office space on Block II was delivered in 2002 and is now about 75% leased.

By Brian K. Miller | Updated on August 09, 2005

PORTLAND, OR-LandAmerica Financial Group will relocate its local operation by the end of the year to Block II of the Brewery Blocks development. The title insurance and real estate transaction services company signed a seven-year lease for the 17,203-sf fifth floor of Block II, which is located at the corner of NW 11th Avenue and West Burnside Street. The company’s current lease for about 13,000 sf at 1515 SW Fifth Ave. expires in January 2006.Owned by Multi-Employer Property Trust, the building was completed in 2002 and the fifth floor has never been occupied. The lease brings occupancy in the building close to 75%. The negotiated lease rate on the deal was not revealed by the parties involved. The full-service asking rate is about $26.75 per sf, including a $45 per sf tenant improvement allowance. LandAmerica’s vice president and manager of commercial services Eric Steinmeyer tells GlobeSt.com he was attracted to Block II because of the building’s existing real estate-related clientele–Gerding/Edlen, Perkins Coie and GBD Architects–as well as the area’s overall image as a hotbed for real estate development in the Portland market and the development’s massive parking garage. “It’s a destination location that fits in well with the clients we want to be associated with,” Steinmeyer says.The move is expected to occur when tenant improvements are complete, which is expected to be in November. LandAmerica was represented by Scott Madsen of Capacity Commercial, who has the ongoing leasing assignment for the building. MEPT was represented by Scott Eaton of Gerding/Edlen Development Co., the developer and ongoing manager of the property.The LandAmerica divisions that will be occupying the space are LandAmerica Commercial Services, LandAmerica Lawyer’s Title (formerly Oregon Title) and the company’s state administrative offices for Oregon and Colorado.

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