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PORTLAND-The first of what brokers hope will be several new leases has been signed at 1201 Lloyd, the 222,777-sf class A office building that was delivered about one year ago to an unreceptive market. The 6,477-sf commitment, which more than doubles the amount of leased space in the 11-story building, was made by the General Services Administration. At the GSA’s behest, brokers involved in the transaction aren’t saying who the actual tenant is, but others familiar with the deal say it is for the Bureau of Indian Affairs.

The lease, for the south side of the second floor, is the first to be announced since Oregon Title took about 3,000 sf on the ground floor of the building in September. Before the building was completed, full-service asking rates ranged from $27.50 to $30.00 per sf per year. As of this latest deal, the full-service range is now $23.50 to $25.50.

The building is owned and was developed by Houston-based Transworld Properties Inc. and Insignia Development Group, an affiliate of Insignia/ESG Inc. Insignia Broker Coby Holley tells GlobeSt.com that the GSA initially committed to 4,170 sf and two weeks later decided it would need another 2,307 sf. Tenant improvements are expected to begin next week.

Looking forward, Holley says Insignia is close to signing up two more 5,000-sf tenants, one to join Oregon Title on the ground floor and another that would join the BIA on the second floor. Moreover, in the next 90 days Holley says he hopes to be able to announce even larger leases “with users we’ve been courting for the past several months.”

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