"We've been pretty busy most of the winter," reports Kane Co.broker Robert Marchewka, who represented the landlord in multipletransactions at the Portsmouth Commerce Center along with colleagueMargot McKean. The deals featured a renewal for nearly 30,000 sf byIrving Oil Co. at 170 and 190 Commerce Way where the Canadian basedpetroleum giant has its US marketing operations. PannawayTechnologies outgrew 215 Commerce Way and is relocating into 230Commerce Way, signing a 10-year extension for 27,000 sf. Meanwhile,InTown Veterinary Group is taking over the Pannaway space in a16,000-sf agreement. That 10-year lease was negotiated by McKeanfor owner Tain Properties LLC and Tad Lee of Colliers Meredith& Grew in Boston representing the North Andover, MA-basedtenant.

The office market in Portsmouth is not as robust as in prioryears, according to Marchewka, but he says the series of leasesinked thus far in 2008 offers hope for weathering the nationaleconomic storm. "The growth we've seen has been organic, and that'sgood to see," he says. "We've been fortunate to have some strongtenants who are doing well." Technology firms such as Pannaway area key driver for Greater Portsmouth, he says, as are financialservices groups including ManuLife and Liberty Mutual Insurance. Inaddition to the other deals, staffing firm Robert HalfInternational leased just over 2,500 sf at 230 Commerce Way.Margaret O'Brien was agent for the tenant in that lease and McKeanfor the landlord.

Financial terms of the leases were not divulged, but space atthe Portsmouth Commerce Center is being offered at $16 per sftriple net. Besides quick highway access, Marchewka says hebelieves tenants are attracted by a generous parking ratio of fivespaces per 1,000 sf leased, explaining than firms in theparking-bereft downtown often turn to Portsmouth Commerce Centerwhen expanding. Professional on-site management is another plus, hesays, and relays that tenants are enthused by a capitalimprovements campaign about to commence. "It will be a bigupgrade," he says, one involving Portsmouth Commerce Centerbuildings, landscaping and utilities, plus new sidewalks to fosterinteraction with nearby restaurants and retail. The park has morethan 400,000 sf total and approvals for another 70,000-sfbuilding.