Lincoln Property Inks Full-Floor Lease in Portland
A law firm will move its headquarters to the 27th floor of the downtown office tower.
Law firm Jordan Ramis has signed a full-floor lease at Lincoln Property Co.’s PacWest Center in downtown Portland, Ore. With move-in planned by the end of the year, the tenant will relocate its headquarters to the entire 27th floor of the 30-story Class A office tower.
Cushman & Wakefield Managing Directors Lana Baldock and Dan Swift represented the landlord in the lease signing, while JLL Managing Directors Andrew Rosengarten and Chris Elsenbach worked on behalf of the tenant.
The top two floors of the 522,161-square-foot office tower are still available for lease, a first in the last two decades, as noted by Swift in a prepared statement. Baldock added that PacWest Center offers a workplace setting to meet the post-pandemic “flight to quality” trend.
The law firm will move its headquarters from Lake Oswego, Ore., where it has been operating since 1993. Jordan Ramis will complement the existing tenant roster at the property, which includes AlphaMedia, KeyBank, Perkins & Co., The Commerce Bank of Oregon and Starbucks, among many others.
Focus on tenant experience
According to CommercialEdge, the owner picked up the asset in 2016 for $170 million. The same source reveals that the LEED Silver-certified building was completed in 1984 and underwent cosmetic renovations in 2002, 2011 and 2019, the last upgrade being under Lincoln Property Co.’s ownership, aimed at enhancing tenant experience.
On-site amenities include conference and meeting centers, as well as a tenant lounge incorporating an outdoor terrace. A fitness center, steam rooms, shower and locker facilities, along with an indoor bicycle hub are also among the amenities at the location. Additionally, the same data provider shows that the property also comprises 16,000 square feet of retail space.
Located at 1211 SW 5th Ave. roughly 10 miles from the Portland International Airport, the transit-oriented office tower offers access to 11 metro stations. The downtown location also provides connectivity to an array of retail, dining and entertainment offerings.
According to a recent CommercialEdge report, office vacancy rates pursue an upward trajectory at a national level. As of November, Portland had a 15.6 percent vacancy, slightly lower than the national average, which hit 16.2 percent that month.
