PORTLAND, OR-The FBI has taken occupancy of a 134,159-square-foot field office located at 9109 Northeast Cascades Pkwy. here in Portland. Although GlobeSt.com could not obtain further lease terms by deadline, we did learn that it was a 20 year lease.
According to its website, GSA’s leased portfolio contains more than 7,100 separate properties—totalling approximately 189 million square feet—dispersed across the US.
The property is located in a vibrant, mixed-use environment that features major retailers, office space, hotel and other services. Additionally, 9109 Northeast Cascades Pkwy. is in close proximity to a MAX light rail station and offers access to I-205 and to the Portland International Airport.
Jones Lang LaSalle professionals representing the government included Reva Squire, Dan Reidy, Julie Rhoades and Patrick Robles. Dave Squire of Newmark Grubb Knight Frank, Bruce Allen of PDC, and Matt Connelly and Chuck Moody of Molasky represented the building owner PH Portland LLC.
According to a recent JLL report, the Portland office market experienced a continuing though slow recovery in the first quarter of 2012. Year-to-date net absorption of commercial office space was 63,149 square feet resulting in a slight drop in the direct vacancy rate to 13.4%, the report says.
Overall per square foot asking rents for class A office rose to $23.55, up from $22.40 last quarter, the JLL report says. “Portland’s CBD office market is still in the early stages of rising recovery and the suburban office sector is now starting to participate in that recovery,” says Patricia Raicht, VP of research for Pacific Northwest markets at JLL. “For the first time in recent memory, we are seeing space availability on the rise in class A CBD buildings, caused by consolidation within the legal sector and some high profile relocations. Nevertheless, while there are more full-floor spaces available, there are very few large contiguous blocks of space in the CBD and the turnaround in the economy has more tenants looking to expand their space requirements for longer terms.”
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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.
