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Jive Inks 38,000-SF Office Lease

PORTLAND, OR-The software maker signs a five-year lease for the top three floors of the old Federal Reserve Building, including a new penthouse level that is being added by the building owner.

By Brian K. Miller | Updated on March 06, 2008

PORTLAND, OR-Jive Software will relocate its headquarters later this year to the former Federal Reserve Building at Ninth Avenue and Stark Street in Downtown Portland. Mark Friel, the Pacific Real Estate Partners broker who represented Jive tells GlobeSt.com the company signed a 38,000-sf five-year lease for the top three floors of the four-story building, including a new penthouse level that is being added by the building owner, locally based Harsch Investment Properties.

Jive, a maker of collaborative software, received $15 million of venture capital in mid-2007 from Sequoia Capital. Jive’s current headquarters are housed in approximately 20,000 sf in the Loyalty and Hamilton buildings, two historic structures with 4,000-sf floor plates at Southwest Third Avenue and Alder Street in Downtown Portland. Jive, which has a few years left on its lease term, will be looking to sublease the space when it relocates in July. The buildings are owned by John Beardsley.

Built in 1950 for the Federal Reserve, the Pietro Belluschi-designed trapezoidal building sits on the city’s streetcar line one block north of Powell’s Books and the Brewery Blocks development on the edge of the city’s Pearl District. It has four floors above grade, each about 14,100 sf, and two windowless floors below grade that have been used for parking and storage, one 20,600 sf and the other 11,000 sf. The first floor has 20-foot ceilings.

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