PolyVision, an international manufacturer and installer of visual communications and related products for the educational, office and corporate markets that is moving from PacTrust's Oregon Business Park, signed five-year deal worth $1.4 million for 50,000 sf. The deal includes 7,000 sf of office space and 43,000 sf of manufacturing and distribution space. Scott MacLean of Norris Beggs & Simpson represented the tenant. The leasing agents for the center are Cliff Finnell, Dave Squire and Brad Fletcher of Grubb & Ellis.
Add in last year's 90,000 sf deal with cameraworld.com brought by G&E's Steve Marcy -- for 57,000 sf of warehouse space and 33,000 sf of second-floor office -- and there remains about 57,000 sf of office upstairs and a 60,000-sf automated pallet-racking warehouse with 60-foot high ceilings. The rate on the pallet-racking warehouse is negotiable, says Finnell, while the office space, based on tenant improvement, will run between 85 cents and 95 cents per square foot per month, triple net.
"It's a funky building; it's a single-tenant user building that we have retrofitted," Finnell tells GlobeSt. "But now we've done some major remodeling, from landscaping to new elevators to a new lobby, and it's a fully-functioning multi-tenant flex building."
Backing that up is NBS' MacLean, who says the local real estate decision maker for PolyVision, a former Tektronix employee, completely discounted the building when it was first presented, "but when we finally got him in the building and he got his mind around it, it turned out to be a real good fit. It was the perfect location – they wanted to remain on the Westside but not too far out – the warehouse was the right size and they were able to build out the office space they wanted."
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