AND 1, a seven-year-old basketball footwear and apparel company,signed a five-year lease last week for the space, which has13-foot-high ceilings and exposed brick and beams. The annual fullservice lease rate for the space is 16.35 per sf. It will be thecompany's first office in Portland. They were represented in thelease by Brandon Frank of Grubb & Ellis.

Kellogg and Fisco acquired the circa 1960s building lastNovember for about $275,000, according to public records. Kelloggdeclined to reveal the cost of renovation, but says it included anew storefront, all new glazing, new metal awnings, new mechanicalsand a new roof. "What was attractive was it had very sound bonesand nice, clean, simple lines," says Kellog. "And 1 is the perfectfit; it's the type of use we targeted."

In addition to finding a taker for the space so quickly, Kelloggsays the building lies within the city's East Burnside StorefrontImprovement District, and therefore was eligible for cityassistance. The Portland Development Commission helped facilitatedesign by providing architecture services and well as dollarstoward exterior modifications, including storefronts, awnings,lighting, and landscaping, says Kellog.