PORTLAND-Unico Properties has inked another important renewal lease for its 41-story office building in Downtown Portland known as U.S. Bancorp Tower.

Mercer Human Resource Consulting, a division of Marsh & McLennan Cos., signs a $2.5-million lease deal to remain on the 21,000-sf 14th floor for at least five more years. The five-year lease includes extension options.

The lease is good news for Unico, which has been trying to retain every tenant it can with some 200,000 sf in the 750,000-sf office tower portion of the development currently vacant, although only half of that directly. U.S. Bancorp has about 100,000 sf on the sublease market.

In November, the law firm Miller Nash signed a $28-million, 70,000-sf renewal lease in the building after being courted by the brokers for several other Downtown buildings. Like Miller Nash, Mercer reportedly liked the fact that Unico decided to bring in a new restaurant to the building’s 30th floor to replace Atwater’s.

Pacific Coast Restaurants spent $3 million on renovations to create Portland City Grill, which serves American-style food, featuring steaks and seafood. Mercer could not immediately be reached for comment, but Miller-Nash partner Jonathon Goodling said last November that the restaurant is “a nice amenity to have in a building, and the fact that Unico went out and found someone to operate it instead of converting it to office as had been rumored showed us a commitment, an understanding as to what it takes to make a successful office tower.”

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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 © 2024 ALM Global, LLC. All Rights Reserved.