Autodesk Inc. Renews, Expands SouthCenter Lease

PORTLAND, OR-Autodesk, Inc. has expanded its operations here in a five-year, $2.5-million lease deal for 26,277 sf at SouthCenter, a 342,000-sf development overseen by pension fund advisor UBS Realty Investors.

Autodesk, the world’s leading design software and digital content company for architectural design, renewed its lease for 15,186 sf and rolled in another 11,041 sf of contiguous space that was vacated by Lifegoals.com, an online software company that was forced to break its lease and retrench.

“With Autodesk being one of the largest tenants at SouthCenter, we made it a priority to facilitate their growth,” says Insignia/ESG Managing Director Coby Holley, who negotiated the deal on behalf of UBS. Insignia holds the third-party management and leasing assignment for the development.

SouthCenter is anchored by the likes of US Bank (40,000 sf), PGE (28,000 sf) and Pixelworks (24,000 sf). The Autodesk renewal and expansion makes the San Rafael, Calif.-based company the third-largest tenant in the development, the annualized asking rental rate for which is $20.50 per sf, full service.

Last week, GlobeSt.com reported that Nelson’s Nautilus had inked a 10-year lease for 21,227 sf at SouthCenter that pushed occupancy at the development to over 90%. The $3-million lease commences in August, which means only four months of down time for the ground-floor gym space, which was relinquished by Bally’s Total Fitness in April. The Autodesk lease brings the multi-building development to 92% occupancy in a market averaging closer to 85%.