TIGARD, OR-Auctionpay, a provider of payment processing solutions for nonprofit organizations, has subleased 14,321 sf in the five-story Tigard Triangle III office building here from Cadence Design Systems, which controls 90,000 sf of the 121,000-sf building. Auctionpay formerly was located in 5000 Meadows in the Kruse Way submarket.Auctionpay’s lease term at Tigard Triangle is 58 months, or through June 30, 2009, which matches the end of Cadence’s master lease agreement with the building owner, L&B Realty Advisors. The advertised lease rate was $18 per sf, and the negotiated rate is believed to have come in slightly under that.Dave Squire of Grubb & Ellis represented Auctionpay in the lease negotiation. Jay Jacobsmuhlen of Lance Denning Properties represented Cadence. Jacobsmuhlen tells GlobeSt.com that Cadence occupies about 11,000 sf of its 90,000-sf leasehold, and has subleased virtually all of its unused space to third parties, including Ethics Point and Healthnet. University of Phoenix is also located in the building.

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