Despite a slow recovery in the Portland commercial real estate market, International Plaza has defied the odds by leasing-up 100% shortly after construction completion. The Class A office building on Highway 224 in Clackamas will soon be home to the Oregon Employment Department, joining the Marquis Co., which recently moved into the building from the Lloyd Center area.
With 60,000 square feet of space leased between the two tenants, International Plaza is one of only three Class A office buildings in the Clackamas/Sunnyside market with a "No Vacancy" sign. This is a significant accomplishment in a market that currently has a 34% overall vacancy rate.
"Stabilizing a building of this size in 10 months demonstrates businesses are acknowledging the east county as a viable option for relocation," says J. Blaine Hoggard of JBH Co., the owner and developer of International Plaza.
Tom Usher and Mark Carnese, brokers with Cushman & Wakefield, began promoting the building in 2003 when its company was retained to handle the leasing for International Plaza in Clackamas.
The addition of these two tenants brings nearly 300 jobs to the City of Milwaukie and the anticipation that new people equates to a new interest in the area.
After a competitive process, The Oregon Employment Department is now leasing the entire second floor and a portion of the first floor for a total of 31,991 square feet. This is all part of a consolidation effort of nearly 200 jobs from around the state into a single location. The Marquis Co., a health care service provider and its 95 employees occupy the balance of the first floor with 27,384 square feet of space.