VANCOUVER, WA-The 70,000-sf Park Tower Two office building here opened for business last week with less than half its space still to be leased, if you include verbal commitments in the calculations. The $8.5 million office building is located at 203 S.E. Park Plaza Dr. in Cascade Park, which is part of an 80-acre mixed-use development called Mill Plain One that the Pietz Family has been developing for several years.

Park Tower Two’s largest tenant so far is Charter Communications, which is relocating from the Pietz’s Park Tower One building in search of expansion space. Charter is taking 11,000-sf in the new building. Dean Maldonado, president of Park Plaza Inc., one of the companies under which the Pietz Family operates, tells GlobeSt. he also has a verbal commitment from Kaiser Permanente Northwest for an additional 12,000. Combine that with two other tenants that have signed for a total of 4,000 sf more, and about 37,000-sf of the 70,000-sf building has been spoken for, says Maldonado.

Ed Pietz began developing Mill Plain One more than 10 years ago. It also is home to McGrath’s Fish House, Applebee’s, Columbia Credit Union and others. Park Plaza Inc. has about 12 acres inside Mill Plain One still available for development. Maldonado tells GlobeSt the company has plans for construction of an additional 180,000 sf of office space in three more buildings approved at 80,000 sf, 55,000 sf and 45,000 sf. The company already has built more than 200,000 sf inside the Mill Plain One, which is 80% occupied now that Charter Communications has moved out of Park Tower One and into Park Tower Two.

“We’re right now in the process of doing the necessary paperwork for development of the 80,000-sf building because it takes about a year to get it done,” says Maldonado tells GlobeSt. “We’ll see how we lease up (Park Tower Two) and then make a decision sometime after the beginning of the new year.”

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