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PORTLAND, OR-Chicago-based Equity Office Properties Trust, the nation’s largest office owner, is building an eight-story, 184,000-sf, Class A office building on speculation at its Kruse Woods Corporate Park in Lake Oswego. With the addition of this property, the firm will have a total of 1.8 million sf of space on the office campus, which is located in a wooded area just off Interstate 5 and Kruse Way. The $33.9-million Kruse Woods V project is scheduled for completion in the third quarter of 2003.

“We believe in the Lake Oswego market, and this project will be timed right to meet our current customers’ expansion needs,” Lynda Clarke, vice president of Leasing and Management at Equity Office Properties’ Portland office, tells GlobeSt.com.

She notes that the Kruse Woods office complex has a traditional-type tenant base of engineers, attorneys, and other professional service firms due its location in the up-scale Lake Oswego community, which she says “is to Portland what Atherton is to Palo Alto.” Consequently, this office submarket has enjoyed a 95% occupancy rate throughout the recession, compared with staggering vacancy rates in the rest region, which range from nearly 16% in the city’s CBD to over 20% in suburban submarkets. “This is a very strong, successful market, and we’re very excited about this project,” Clarke adds.

Designed by Group Mackenzie, the new building will feature a grand lobby with two-story atrium, hardwood paneling and central staircase; 23,000-sf floorplates; surface and garage parking, and 24-hour cardkey access. Tenants will have access to the Kruse Woods Corporate Park conference and athletic facilities. The general contractor is C. Schiewe & Associates.

Equity Office Properties Trust owns and manages more than 760 buildings and 127 million sf of commercial space nationwide.

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