X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PORTLAND, OR-Unitus Community Credit Union plans to sell its existing headquarters and move to Columbia Financial Center. The low-rise Downtown office building will be renamed in deference to the company, which is one of Oregon’s largest credit unions.

Columbia Financial Center is located at 1300 SW Sixth Ave. Norris Beggs & Simpson broker Sean Turley tells GlobeSt.com that Unitus signed a 10-year lease for 47,000 sf of the 85,000-sf five-story building. The lease commences in April.

Unitus will relocate from a building it owns at 2121 SW Fourth Ave. Unitus plans to sell the building while maintaining a retail branch there. It also plans to open a retail branch at Columbia Financial Center.

Unitus is able to move to Columbia Financial Center because its anchor tenant and current namesake, fund manager Columbia Management Group, is relocating to Bank of America Financial Center at the end of the year. Columbia Management became Bank of America’s asset management division last year.

Columbia Financial Center was completed in 1964 and renovated in 1995. Unitus will occupy all of the second, fourth and fifth floors in the building as well as a portion of the first floor, leaving about 20,000 sf of availability on the building’s first floor and 10,000 sf on the third floor, which is partially occupied by the Hanna Strader law firm. The advertised full-service lease rate ranges from $17.50 to $23.50 per sf per year.

Turley and Chris Johnson, also of Norris Beggs & Simpson, represented the building’s owner, Erickson Realty Ltd. of Portland. Cushman & Wakefield represented Unitus and is believed to have the disposition assignment for Unitus’ current headquarters.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.