The building is owned by Equity Office Properties Trust, which recently completed a $7.3-billion merger with Spieker Properties. The merger made EOP the largest class A office building owner in greater Portland and several other West Coast markets, but did not include 1001 Fifth, which had been one of EOP's few holdings in the region.

The first of four phases concluded recently when work was completed along Fifth Avenue side of the building. "Lobbies, other common areas and elevator cabs are all being modernized, as well as the retail areas," says Clint Benson of CB Richard Ellis, the broker hired by EOP to lease up the building. "The building was built in 1980 and at that point it was common that brick exterior siding look was brought into lobbies, but that era has now changed."

The 376,159-sf building is 12.5% vacant, which is a little bit higher than average but better than the 20% vacancy it had after a law firm relocated to one of the new buildings in town, an energy company downsized and city government tenants moved back into owned space after the completion of a new building.