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PORTLAND-Liberty Northwest Insurance Co. is adding 40,000 sf to its leasehold at Liberty Center, a 16-story office building in the Lloyd District that the insurer anchors and owns equally with Ashforth Pacific, which owns two of the Lloyd District’s three other class A office buildings. When the lease commences in mid-November, Liberty Northwest will occupy more than half of the 280,000-sf building.

The news explains why Ashforth is relocating Paccess, an independent packaging supplier, from 20,000 sf in the middle of Liberty Center to the 16,288-sf top floor of Lloyd 700, an older 16-story office building it owns in the district. As reported in GlobeSt.com last week, the move lowers the company’s rent, dramatically improves its views and, by also being able to lease space on the building’s lower level for a design center, heightens efficiency.

Two other tenants also are being affected, says Doug Pugh, Ashforth’s leasing director tells GlobeSt.com. Ameriquest also is moving to Lloyd 700. The other tenant, Principal Financial, whose lease is coming due, will be relocating outside Ashforth’s Lloyd District portfolio. Paccess is scheduled to move in the first week of November and Ameriquest’s move is slated for Dec.1. Liberty Northwest’s lease commences Nov. 15.

The annual full service asking rate at Lloyd 700 is $20.50 per sf; at Liberty Center that rate is $24.50 per sf. Pugh says Liberty Northwest will be paying a net lease rate, which typically runs $7.50 per sf less, because the floors it occupies are separately metered, allowing the insurer to pay its own utilities.

Liberty Northwest is taking the additional space to house two automobile insurance firms it acquired back in January, the North Pacific and Oregon Automobile Insurance Companies. They will occupy about half of the 8th floor and all of the 9th and 10th floors in Liberty Center, which has 16,500-sf floor plates.

“By using the strength of our portfolio, we were able to satisfy Liberty Northwest’s needs as a tenant and increase value for our partner,” says Ashforth CEO Henry A. Ashforth III.

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