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PORTLAND-West Coast Bank has renewed its 8,200-sf lease at 1000 Broadway in Downtown Portland and also has leased a small ground-floor space in the 240,282-sf office building for a new retail branch.

West Coast Bank has been in the building since 1995 and is believed to have signed on for another seven years. Tom Remley, the Grubb & Ellis broker who has the leasing assignment, would not discuss the terms of the deal, but other local brokers tell GlobeSt.com that depending on the size of the lease and its location in the building, office leases are being signed at between $21- and $24-per sf per year. As well, they say owner concessions for Downtown class A office renewals these days typically include a couple of months of free rent and a $10 to $15 tenant improvement allowance.

West Coast Bank’s office space is on the 11th floor, which is the second full floor of office space in the 24-story building, which has several levels of above-ground parking. Remley says the new bank branch will be located on the first floor, at the corner of Broadway and Salmon. It will replace a small coffee shop.

The office lease keeps 1000 Broadway’s office space at about 80% leased, which is about 6% below the average class A vacancy rate in Downtown Portland. Remley says he’s currently working on transactions that would fill another 14,000 sf in the building.

The above-average vacancy was caused by two high tech companies that opened up a combined 55,000 sf in the building last year. Portland Software (now Aladdin) vacated 22,000 sf and Oracle vacated 33,000 sf.

The 1000 Broadway building is owned by Tom Moyer, developer of Downtown Portland’s newest office building, the 27-story Fox Tower that sits just one block south at Broadway and Taylor. West Coast Bank was represented in its lease transaction by Steve Reaume and Tom Usher of Cushman & Wakefield.

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