Assignment
Unico Properties had been targeting a new LEED Development for some time and this unique site became available in 2005. Construction on the Lovejoy began in the Fall of 2006 and included three floors of office space. Unico selected Pacific Real Estate Partners, Inc. to prelease approximately 82,000 SF of Class A office space on the top three floors of the Pearl District’s newest development.
Objective
Pacific Real Estate Partners, Inc. focused on securing an anchor tenant for the project and to prelease as much space as possible prior to the December 2008 opening.
|
Challenges
The Lovejoy site was considered too far north in the Pearl District and there were no other office developments within a 4 to 5 block radius. The mixed use nature of the building with a full service grocery store on the ground floor was also a concern for some prospects. The LEED design, while very sought after, required rental rates at the top of the entire Portland market.
Results
In just over 18 months, PREP helped negotiate over 57,000 SF of new leases at Lovejoy. These included the 35,000 SF lease to anchor tenant Ater Wynne Law Firm, along with a 10,000 SF lease to Pacific Cataract and Laser Institute. Three smaller tenants leased an additional 12,000+ SF in the fourth quarter of 2008, bringing preleasing efforts to 70% when the building officially opened on December 15, 2008.
|
