ODS Tower, at 601 S.W. Second Ave. in downtown Portland, is fully leased. The 24-story, Class A building, consisting of 398,412 rentable square feet, was completed in 1999 and is owned by Morrison Street LP. This prominent building is enjoying a rare occurrence in the downtown office market: 100% occupancy.
Though vacancy rates are still higher than most owners would like to see downtown, the market is definitely seeing signs of improvement, such as the total occupancy of ODS Tower. Shrinking sublease space and significant absorption of direct space were seen in the first quarter of this year and expected to continue throughout 2005. One trend encouraging landlords is the expansion of existing tenants in buildings. ODS Tower’s MulvannyG2 Architecture’s recent expansion is what led ODS to 100% leased status.
Some of the ODS Tower’s significant tenants include: The ODS Cos., Lane Powell P.C., and Foster Pepper Tooze LLC. The ODS Cos. was founded in 1955 and provides medical, dental, and professional liability insurance for groups and individuals in Oregon. Lane Powell P.C. was founded more than 125 years ago and offers legal counsel to emerging and established businesses and individuals. Foster Pepper Tooze concentrates on business transactions, corporate financing, real estate and land use, estate planning, taxation, cooperative law, and corporate litigation.
Traci Wall, general manager of Wright Runstad & Co., which serves as the property manager for ODS Tower, attributes the complete occupancy to the building’s high quality, prime location and service satisfaction.
"In the current market conditions, tenants have numerous choices for office space. Decisions are made not solely on cost, but on value," Wall said. "What do I get for what I’m paying? That ODS Tower is 100% leased is a testament to the quality of the building, the location and the service level."