In June 2001, the PDC subleased 4,500 sf in the 230,000-sf building from Verizon and that lease agreement is ongoing. Now, the PDC is set to approve another 8,025-sf lease directly from building owner Oregon Pacific Investment and Development Co.
According to the resolution on the PDC's consent agenda, the commencement date for the three-year, first-floor lease is May 1. The negotiated full-service rate is $20.50 per sf per year with dollar bumps in the second and third years. The approximately $500,000 agreement includes a $70,000 ($8.72 per sf) tenant improvement allowance and an option to cancel if the PDC makes a decision to relocate prior to lease expiration.
Information on how much the PDC is paying Verizon was not made available by the PDC. Oregon Pacific Investment acquired Parkside Business Center in March 2000 for $12.3 million, according to Oregon Title. Current occupancy data was not immediately available.
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