In the News
February 14, 2014
Lease Goes From 480,000 SF to 277,000 SF
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PORTLAND-Unico Properties has just secured a 10-year lease with US Bank, its namesake tenant, for 277,000 square feet at US Bancorp Tower here. This could be the largest office lease since the GSA at First & Main, says Unico.
US Bank is right-sizing its space and downsizing from 480,000 square feet to 277,000 square feet, Unico explains. US Bank is remodeling their entire premises to better align its space with its current business practices.
Unico tells GlobeSt.com that US Bank is downsizing its physical presence, but not its head count or departments. They are taking all of floors four and six and portions of five and seven.
GlobeSt.com did not hear back from US Bank for comment by deadline.
According to Brian Pearce, Unico Properties senior vice president of property management, this is the most complex deal he's ever executed. "While this is a large downsize, Unico expected it and, in fact, it's a win for Unico because they need the space for other tenants."
US Bank is giving back 200,000 square feet of space but 65,000 square feet of that 200,000 square feet is already leased to Webtrends and 55,000 of that is currently subleased to six tenants.
Unico has tenants wanting more space for expansions, says Pearce.
The Kidder Mathews brokers who represented US Bank are Mark Fraser, Brandon O'Leary and Jake Haas. The JLL broker who represented Unico was Joe Vaughan.