The maker of glass curtain wall systems for office buildings will keep its corporate headquarters and two of their other operations in Northwest Portland. The rest is moving to the I-84 Distribution Center, bringing approximately 90 employees to the city and allowing room for future growth.
Benson signed a three year lease that includes 1,500 sf of office space. The asking rate for the space was $0.27 per sf per month for the shell and an extra $0.65 per sf per month for space built out as office. Net effective rents are generally 10% to 25% lower when owner concessions are factored in.
Cushman & Wakefield's Tony Reser brokered both sides of the transaction with fellow C&W broker Linda Craig and Norris Beggs & Simpson broker Steve Dodds. Craig represented the landlord, Evergreen Industrial LLC. Dodds represented the tenant. "Hopefully they will expand into the building," Reser tells GlobeSt.com.
Benson's CFO Pete Potwin was not available for comment Monday on the reason for the relocation or the likelihood of the company eventually leasing more space at the I-84 Distribution Center. The only other tenant in the 400,000-sf building is ProBind, which leases 60,000 sf. The building's vacancy has accounted for a large part of the north/northeast vacancy over the past two years.
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