PORTLAND, OR-Block 300, which contains a large block of office space, will soon become available in Portland’s CBD. Formerly known as Robert Duncan Plaza and located at 308 SW Second Ave., Block 300 is an approximately 360,000-square-foot office building owned by a joint venture of institutional investors, with Chicago-based Kaufman Jacobs overseeing asset management for the group.
The building has been fully leased to GSA since construction, but late last year the government exercised its right to vacate approximately 175,000 square feet. The vacated space will become available for lease in October 2013.
Jones Lang LaSalle is in charge of marketing the space. The firm would not detail further information at this time regarding lease rates.
A majority of the building’s total available space is in a single contiguous block in excess of 100,000 square feet. With floor plates in excess of 30,000 square feet, the facility offers space-planning efficiencies not currently available in the Portland CBD. Ownership is seeking tenants who can take advantage of these large blocks of contiguous space, says a prepared statement.
The owners are planning a major capital improvement for later this year. The project will include lobby, atrium, elevator cab and other common area renovations using class A materials and finishes throughout.
Additionally, amenities such as a contemporary 50-seat conference facility and new fitness center will be offered for tenant use. Although already Energy Star certified, the capital program will include further environmental and energy efficiency upgrades. The owners also intend to pursue LEED EB certification for the property.
Located at the west end of the Morrison Bridge, Block 300 is situated for commuters and downtown residents, says the release. It has interstate access and a Tri Met light rail stop at its front door.
In keeping with Portland’s bicycle-friendly reputation, the building also offers ample secure bicycle parking for tenants, says the release. Buzz Ellis, managing director of JLL, along with Jake Lancaster and Mark Friel, hold the leasing assignment.
According to a recent office report from JLL, the CBD saw strong demand in the fourth quarter, bringing overall absorption for the year to 250,000 square feet. Despite that activity, the report said that several recent and impending large vacancies will push vacancy rates up in early 2013.