Hayes tells GlobeSt.com that market rates have fallen since the last time Clarity extended its lease at Wilsonville Business Center, and as a result the company is now paying less per sf. "We went out and looked at alternatives" before receiving an offer from Rreef that made Clarity want to stay, says Hayes.
Hayes wouldn't reveal the lease rate on the transaction, but local brokers tell GlobeSt.com the blended rate is likely in the high $0.70s per sf per month. Hayes did say that Clarity received a tenant-improvement package from Rreef that will allow it to refresh and reconfigure its existing space as well as outfit its new space.
Hayes says there were not too many options for Clarity in the Wilsonville area. "Although Wilsonville has been impacted by significant vacancies in other submarkets, there still isn't a lot of flex space available in Wilsonville, so this submarket has not suffered the same kind of discounts as Hillsboro or out by the airport," says Hayes.
Indeed, CB Richard Ellis' Ted Nicholson, who has the leasing assignment for Rreef, tells GlobeSt.com there is maybe 20,000 sf of vacancy in Rreef's buildings in the park, which would mean its close to 96% occupied. "It's doing well because it's good product and Wilsonville is leased up," he says.
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