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Lucy Leases Former Theater in Downtown Tower

PORTLAND, OR-The women's clothier leases a 17,000-sf, long-vacant former movie house on the third floor of the 30-story KOIN Center for its new headquarters.

By Brian K. Miller | Updated on January 22, 2008

PORTLAND, OR-The women’s clothier Lucy has leased a long-vacant former theater space in a Downtown high rise here for its new headquarters, according to the company’s brokerage firm, Grubb & Ellis. The locally based company with 61 stores and an Internet site will occupy 17,000 sf on the third floor of the 30-story KOIN Center office and residential tower owned by the California Public Employees Retirement System.

The 84-month lease commences on March 1. CalPERS will spend upward of $850,000 ($50 per sf) preparing the space for office use. The full-service asking lease rate for space in the building ranges from $26.50- to $29 per sf per year. The negotiated lease rate was not released by the parties involved.

Acquired by VF Corp. last year, Lucy is consolidating and expanding operations from approximately 10,000 sf in multiple locations in Portland’s northwest industrial district. “We selected this space because it was unique in the marketplace,” says Lucy president Michelle Lantow. “The high ceilings and very creative feel is perfect for our designers.”

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