Sun Microsystems, which scooped up the first 90,000-sf building prior to completion, also has snagged one of the two 65,000-sf second phase buildings, says Holley. Software maker Merant took down the other, a two-story product. The third building, an 83,000-sf one-story building, remains available. "We believe it's the largest contiguous one-floor flex-office space available in Portland," says Holley.

The land for the entire project--just under 25 acres--was acquired in June of 2000 from Standard Insurance for a hair over $4 per sf. Six months later, on Dec. 21, Sun was moving into the $20 million first phase. "Everybody involved said they broke all development records," says Holley.

Insignia is developing the second phase in a joint venture with New York-based CityGroup. The contractor for the overall project is PNC Construction. The designer is Soderstrom Architects.

Elsewhere in Portland, with Transworld Properties Inc., Insignia is developing 1201 Lloyd, a 222,460-sf, 11-story class A office building in the Lloyd District. No tenants have been signed. The project is scheduled for completion in April 2002.

Insignia is also developing two 50,000-sf building on a third-party basis for publicly traded PS Business Parks. The project is located at 158th and Walker Road, adjacent the IBM and Nike campuses. Finally, Insignia is handling the leasing for Sunnybrook, a 103,000-sf building in Clackamas that was developed by Specht Development for sale to Quest Investment Management.