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Web MD Takes 47,000 SF at Montgomery Park

PORTLAND-The five-year lease for most of the seventh floor drops vacancy in the class B office buidling to 3%. Eighteen months ago vacancy was 30% and some big leases were nearing expiration.

By Brian K. Miller | Updated on August 31, 2006

PORTLAND-Web MD has leased 47,280 sf at Montgomery Park, a nine-story, 676,000-sf class B office building in outer Northwest Portland. The publicly held online medical news and information provider will occupy most of the seventh floor beginning in December. Web MD will relocate from 29,000 sf at 520 NW Davis St. in Old Town.

Web MD signed a five-year lease that commences in December. The negotiated lease rate came in about 5% under the published full-service asking rate of $19.50 per sf, according to local sources familiar with the deal. Web MD was represented by Eric Haskins of Grubb & Ellis, who could not be reached for comment.

The lease completes a nice turnaround for Montgomery Park, which is owned by Bill Naito Co. When the Naito family feud was settled out of court in January 2005 with a division of assets, vacancy at its Montgomery Park building was over 30% and some big leases were nearing expiration. By January 2006, two anchors (Freightliner and Wells Fargo) totaling 240,000 sf had been renewed and 90,000-sf of new leases (Zones Inc., World Travel, UPS, Schnitzer Steel) had been signed, dropping vacancy into the teens.

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