PORTLAND, OR-Oregon Institute of Technology leases 131.793 square feet of class-A office space at 27500 SW Parkway Ave. in Wilsonville, OR. The four-story building, owned by Washington Capital Management Inc., was previously the headquarters for InFocus.
“This lease marks the largest direct new office lease in the Portland metropolitan area in the past year,” says David Squire, executive vice president and managing director of Grubb & Ellis Co. “This will be welcome news in Wilsonville, as that office market has suffered from significant losses in the past several years.”
Squire and Jake Lancaster, associate vice president with G&E’s Portland office, represented the building owner, Washington Capital. Pat Schreck and Tim Parker of Melvin Mark Brokerage Co. represented OIT.
Patricia Raicht, vice president and client services manager at G&E, tells GlobeSt.com that the asking rate for this area is $23 to $24 per square foot, which would make this deal value in excess of $30 million for a 10-year lease.
The college signed a 10-year lease with an option to purchase. The lease will accommodate growing demand for OIT’s technical programs, according to a prepared statement. Classes at the new Wilsonville location could begin as soon as 2012.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
