X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HILLSBORO, OR-Planar Systems Inc. has signed a build-to-suit lease for a 72,000-sf class A office building under construction in Birtcher Real Estate Group’s AmberGlen Business Center in Hillsboro, located just west of NW 185th on Cornell Road. The 10-year lease deal is valued at $17 million, and is believed to the largest deal this year in the Portland area. The building will be the publicly-traded company’s new headquarters.

Planar, a maker of display systems for applications such as computers and cash machines, is consolidating office personnel currently located in a few different buildings inside and just outside the park. Much of the personnel are currently housed in an aging class B building the company owns in the former Oregon Graduate Center Science Park adjacent to AmberGlen. Planar has not yet decided what it will do with the extra space once it moves into the new building next summer.

Jim Edwards, a senior vice president with Birtcher and manager of AmberGlen, tells GlobeSt.com it’s a “major gain” for Birtcher because the Planar may very well continue to lease all its existing space in the park to allow for growth. In addition to the science park building it owns, Planar leases manufacturing and office space in the so-called 1100 and 1400 buildings, says Edwards, and some of its leases don’t run out for another two or three years.

Planar’s investor relations guy Stewart Clark says the move was made for several reasons, three of which were image, cost and control. The company prides itself in paying well for hard workers, he says, and wants that image to be reflected in its office space. To upgrade the science park building to reflect that image, however, would have been more expensive than moving one-quarter of a mile into the new space, says Clark. Finally, because it’s a build-to-suit deal, Clark says Planar will be able to control how the building is finished out such that it specifically fits the company’s needs.

Dave Squire of Grubb & Ellis represented Birtcher in the transaction. Greg Hume, president of Hume Myers Tenant Counsel and Planar’s broker in the deal, says being able to stay at AmberGlen was a huge factor, considering it already has manufacturing operations in and around the park. Hume says he began the site search for the company six months ago. “What drove the deal is their existing commitment to other manufacturing and office space at the park,” Hume tells GlobeSt.com.

AmberGlen is a 217-acre mix of 23 class A office and flex-office buildings totaling over 1.3 million sf. In addition to Planar, park tenants include Intel Corp., Integra Telecom, Cascade Microtech, Rational Software and Salomon Smith Barney, among others. The newest Class A building, the 95,396-square-foot 1915 Building, will be completed this month and is still available. The park is around 90% leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.