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BEAVERTON, OR-Liberty Mutual Insurance Group has leased the top floor of the five story office building that anchors The Round, a new retail, commercial and residential community built around a light rail station in Downtown Beaverton.

The seven-year, 22,000-sf lease brings the office building to 75% leased in a market that is about 40% vacant, says broker Buzz Ellis of Doug Bean & Assoc. Ellis has the leasing assignment for the building. Ellis declined to pinpoint the lease rate on the deal, but local brokers familiar with the deal tell GlobeSt.com that deals are reportedly being signed at rates in the high teens per sf, which compares to asking rates in the low $20s.

Liberty Mutual is relocating from Creekside Corporate Park, where is leased 42,000 sf but had been subleasing portions of its space over the last few years. The lease at The Round commences Sept. 1. “With Liberty Mutual we truly have a corporate America tenant coming to The Round, which gives the development much more credibility,” says Ellis. “It was one of the things the owners wanted and we did it; it is a huge step for a project that has had so much mud thrown on it.”

Dorn-Platz of Glendale, CA, paid $2.3 million last summer for rights to the 8.5-acre development, which had stood half built and rusting since 1999. The seller was the City of Beaverton and Enron Microclimates, which gained control of the property in bankruptcy court after the original developers, Selwyn Bingham and Sylvia Cleaver, ran out of money.

Ellis says there is now about 25,000 sf left to lease in the building, including about 16,000 sf on the second floor and about 9,000 sf on the fourth floor. The first floor of the office building is leased by Coldwell Banker and the third floor is master leased by Dorn-Platz of Glendale, Calif., which has set up an executive suites operation.

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