Net IQ assumed a lease obligation for four floors (57,000 sf) in Downtown Portland's newest office tower when it acquired Webtrends in 2001. Net IQ originally tried to sublease the entire 15th floor, which was still in shell condition, but building owner TMT Development last year bought out about 11,000 sf of Net IQ's lease obligation on that floor in order to do a direct deal with Crown Pacific. The law firm's lease is for the space that TMT did not take back.
The term of the law firm's lease is four years, which is the time remaining on Net IQ's lease. The law firm's move-in date is Sept. 1, when tenant improvements are scheduled to be complete.
Grubb & Ellis brokers Dave Squire and Brandon Frank represented Net IQ in the transaction. Parsons, Farnell & Grein was represented by Tom Remley and Dave Hill, also of Grubb & Ellis.
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