Suburban Office Building Slated for Sept. Completion

Cushman & Wakefield's Ben Peterson, leasing agent for the project with Gordon King, says the deal came about when Richards, who was doing remodeling work for his then future partner on a property that sits caddy corner from the Aspen Place site, saw a for sale sign on the property. A run-down house occupied the site, says Peterson, but the two immediately saw its potential and ultimately partnered on its acquisition and development.

The brick and glass building designed by John Annand will consist of a 10,819-sf first floor, a second floor of 11,392 sf and a 6,050-sf top floor. It includes 34 covered parking stalls beneath the building and 105 slips of surface parking for a parking ratio of almost five spaces per 1,000 sf of rentable area.

"We've already gotten a lot of good interest," says Peterson, who is hoping to snag one full-floor user and divvy up the rest among the traditionally smaller tenants that locate in the area. "The last couple of calls I've received were from a financial services company looking to downsize two locations into one and a 10,000-sf user in Beaverton looking to be closer to Interstate 5."

The full-service asking rate for the building is $23.50 per sf, says Peterson, a discount in relation to average class A rates in the nearby submarkets of Kruse Way ($27.10), Washington Square ($24.63) and Tigard ($23.92). Additionally, says Peterson, the building will be delivered at a time when direct vacancy rates in the submarket are low (under 3%) and not too much product is in the development pipeline. "I think we're hitting the market at a good time," says Peterson. "When it hits the market, it will be one of the only direct availabilities in Tualatin."