It is no secret that many downtown landlords have struggled to keep their office buildings filled during the COVID-19 pandemic. So it marked a vote of confidence when a deep-rooted law firm decided to stay put in a Portland, Oregon, office building called 811 @ The Waterfront as part of a long-term deal that could be worth more than $1.1 million.
Schulte, Anderson, Downes, Aronson & Bittner agreed to pay $24.50 a square foot last April to renew 8,568 square feet in the 56,700-square-foot building, earning it a CoStar 2023 Impact Award as the market's lease of the year, as judged by real estate professionals familiar with the market.
"This lease represents a commitment to Downtown Portland, which needs signals such as these," wrote Julia Freybote, assistant professor of finance and real estate at The School of Business at Portland State University and one of the judges to select the lease for Impact Award recognition.
Founded in 1909, Schulte, Anderson, Downes, Aronson & Bittner specializes in civil litigation and family law. Such established tenants can be hard to come by these days, said another judge, Jamison Shields, a research analyst for Colliers. "Leasing space in downtown Portland represents a significant challenge in the current environment," he wrote.
About the property: 811 @ The Waterfront is a six-story office building along the Willamette River offering views of Mount Hood. Amenities include a fitness room, parking garage and plentiful surface parking.
What the judges said: Will Dowdy, community development director for the city of Eugene, said given the disruption to real estate markets caused by the pandemic, "recognition needs to be given to keeping a corporate office in a downtown location. The ripple effect of a lease like this extends to a multitude of businesses and properties, from restaurants to support services to other professional office."
They made it happen: Duane Link of Norris & Stevens Inc. represented the landlord in the transaction. Mark Carnese and Doug Hurley with Cushman & Wakefield represented the tenant.