PORTLAND, OR-Oregon Institute of Technology leases 131.793 square feet of class-A office space at 27500 SW Parkway Ave. in Wilsonville, OR. The four-story building, owned by Washington Capital Management Inc., was previously the headquarters for InFocus.
“This lease marks the largest direct new office lease in the Portland metropolitan area in the past year,” says David Squire, executive vice president and managing director of Grubb & Ellis Co. “This will be welcome news in Wilsonville, as that office market has suffered from significant losses in the past several years.”
Squire and Jake Lancaster, associate vice president with G&E’s Portland office, represented the building owner, Washington Capital. Pat Schreck and Tim Parker of Melvin Mark Brokerage Co. represented OIT.
Patricia Raicht, vice president and client services manager at G&E, tells GlobeSt.com that the asking rate for this area is $23 to $24 per square foot, which would make this deal value in excess of $30 million for a 10-year lease.
The college signed a 10-year lease with an option to purchase. The lease will accommodate growing demand for OIT’s technical programs, according to a prepared statement. Classes at the new Wilsonville location could begin as soon as 2012.
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