Special Section
Interactive Feature
Turn the pages of our "virtual online magazine."
Click here to read
Need Help? For a quick tutorial on the virtual magazine, click here.
Sponsored by:
This special section was created for Portland’s Central City: A National Model by Journal Communications Inc.
Visit us online by
clicking here.
A Downtown Address
Office Space Expands With New Developments
Rendering of the Park Avenue West Tower
New office towers are changing Portland’s skyline and streetscape as developers strive to satisfy pent-up demand for Class A space with a downtown address.
“There is a vibrancy to downtown. After all, Class A space is almost completely occupied in the CBD [Central Business District],” says Scott Andrews, president of Melvin Mark Properties. “Demand is very strong.”
The company is in charge of leasing and management for One Waterfront Place, a building that will link the downtown core to the Pearl District. The 12-story, 275,000-square-foot building is one of the city’s first major office projects since 2000, he says.
“Portland has seen an exciting number of downtown condominium projects,” Andrews says. “The next wave is going to be office.”
Shorenstein Properties LLC is at the forefront of that wave with First & Main. The 16-story tower being built at S.W. First and S.W. Main will be one of Portland’s premier office buildings.
“Our goal is to balance First & Main with the rest of the skyline,” says Gregg Meyer, Shorenstein’s senior vice president of asset management.
“Downtown is a very attractive market, with just a 6 percent availability rate,” Meyer says. “We think there clearly is a need for our new building. The First & Main building will add to downtown Portland’s vitality as one of the pre-eminent office markets in the Pacific Northwest.”
First & Main and One Waterfront Place both are aiming for a high rating under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, which encourages sustainable building practices.
TMT Development’s new mixed-use office tower, Park Avenue West, will rise 33 stories at Park Block 4 in the heart of the downtown Central Business District.
One of Portland’s tallest buildings, it will offer office space, upscale condominiums and space for flagship retail stores.
“There is a strong demand for both retail and office space downtown,” says Vanessa Sturgeon, president of TMT.
As Portland’s skyline changes, another project at Park Block 5 is helping create energy at the street level.
TMT donated the site, as well as $1 million in cash, for an urban green space on top of its new, six-level underground parking garage, which features 667 parking spaces.
“This park is designed well for Portland’s style of weather, with a café and large glass canopy that will provide shelter when it rains. It’s designed to be an interesting place for people to walk through,” Sturgeon says.
The excitement surrounding downtown’s office projects is phenomenal, Andrews adds.
“It’s amazing to see the transformation of the city,” he says.
Story by Bill Lewis
