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July 28, 2014

Pearl West office tower signs Howard S. Wright, its general contractor, as first tenant

The Oregonian

Elliot Njus

Howard S. Wright, the general contractor for the under-construction Pearl West office tower in the Pearl District, will also sign on as a tenant.

BPM Real Estate, the developer of the building, said Monday that the Portland-based contractor had signed on to take 17,565 square feet - the building's entire fourth floor. It will be relocating from the Gregory Building, 425 N.W. 10th Ave.

Work on Pearl West, the first new central-city office building since the recession, started earlier this month. The nine-story, 230,000 square foot building building at Northwest 14th and Irving is expected to be finished by 2016.

Kevin Joshi, a senior vice president with brokerage Kidder Mathews, previously told The Oregonian he "would not be surprised" to have the building fully leased upon completion.

Central-city office space - especially in large blocks - is hard to come by, with vacancy below 10 percent. In the particularly desirable Pearl District, vacancy is even lower -- 5.7 percent in the year's second quarter, according to real estate data firm CoStar.

Lease Crutcher Lewis, a Seattle-based contractor, also recently moved into two leased floors of office space it helped build in Portland's West End.

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