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PORTLAND-Chrome Systems Corp. has signed a new lease to occupy 16,288 sf in Ashforth Pacific’s Lloyd 700 Building, located at 700 NE Multnomah.

The independent provider of data and technology to the automotive sales industry has occupied the Lloyd District building since November 1999 through a sublease with the Port of Portland. The firm will now occupy 16,000 sf on the 15th floor of the building through a direct lease with Ashforth Pacific.

Chrome Systems allows automobile dealers, manufacturers, fleet leasing companies, Internet portals, financial institutions and insurance companies to specify, price, locate, order, buy and sell vehicles online. Mark McFarland of Trammell Crow represented the company in its lease negotiations. Ashforth Pacific was represented in-house by Doug Pugh.

Ashforth owns in excess of 1 million sf of office space in the Lloyd District, all of which is 97.6% leased. The Lloyd 700 Building, located one block west of the Lloyd Center on NE Multnomah, has 238,902 rentable sf. The annual full service asking rates in the building are $20.50 per sf, but as of late asking rates have typically ended up being the average rate over the life of the lease rather than the starting point. Substantial tenant improvement allowances and free rent are also being thrown about to attract and retain tenants, though not specifically on the Chrome Systems transaction.

In October, Paccess, an independent packaging supplier, relocated form the middle of Liberty Center to the top of Lloyd 700 in order to make room for an expansion by Liberty Northwest Insurance, which co-owns Liberty Center with Ashforth. Two other tenants were also affected by Liberty Northwest’s expansion at Liberty Center. Ameriquest also is moving to Lloyd 700, while Principal Financial, whose lease is coming due, will be relocating outside Ashforth’s Lloyd District portfolio.

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