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May 01, 2015

It's official: Ink dries on Pearl district office building deal

Portland Business Journal

Jon Bell

Wacom Technology Group made its Portland move official this week, signing a lease for the top three floors for the Pearl District's newest office building.

The Japan-based company, which currently has its American headquarters in Vancouver, Wash., expects to move into Pearl West at Northwest 14th Avenue and Irving Street in March 2016. It will occupy about 55,000 square feet of the 230,000-square-foot building: the top three floors and a ground-floor retail space.

Wacom also has naming rights for the building, which sits in a highly-visible location right along I-405.

Wacom's Pearl West neighbors include the customizable workspace company Regus, who will occupy the second floor, and Howard S. Wright, the firm building Pearl West, which has leased the entire fourth floor. With Wacom's deal done, just three floors and about 9,000 square feet of retail space remain available.

"We are a year away from substantial completion, and Pearl West is already 60 percent leased," said Walter Bowen, founder of BPM Real Estate Group, the real estate firm behind the office building project.

"Pearl West is attracting companies who want to provide their employees a work environment, both inside and outside, that contributes to creativity and innovation. We are pleased Pearl West is being so well-received by those high energy, impact businesses who are fueling our economy."

When BPM Real Estate Group broke ground on Pearl West in July 2014, it was Portland's first new office building to begin construction since the recession. The building was designed by GBD Architects in collaboration with THA Architecture.

Pearl West's construction financing was provided by Washington Capital Management with participation from ULLICO, a life insurance company serving labor unions. KPFF is the structural engineer. Capacity Commercial Group represents the ground floor retail spaces, and Kevin Joshi, a senior vice president with Kidder Mathews, is leading up the commercial leasing.

For the full story, go to Portland Business Journal.

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