AND 1, a seven-year-old basketball footwear and apparel company, signed a five-year lease last week for the space, which has 13-foot-high ceilings and exposed brick and beams. The annual full service lease rate for the space is 16.35 per sf. It will be the company's first office in Portland. They were represented in the lease by Brandon Frank of Grubb & Ellis.
Kellogg and Fisco acquired the circa 1960s building last November for about $275,000, according to public records. Kellogg declined to reveal the cost of renovation, but says it included a new storefront, all new glazing, new metal awnings, new mechanicals and a new roof. "What was attractive was it had very sound bones and nice, clean, simple lines," says Kellog. "And 1 is the perfect fit; it's the type of use we targeted."
In addition to finding a taker for the space so quickly, Kellogg says the building lies within the city's East Burnside Storefront Improvement District, and therefore was eligible for city assistance. The Portland Development Commission helped facilitate design by providing architecture services and well as dollars toward exterior modifications, including storefronts, awnings, lighting, and landscaping, says Kellog.
"The city sees it as a transitional area they'd like to improve because Burnside is a gateway to Downtown from the east that carries 25,000 cars per day," says Kellogg. "It's actually a great thing."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
