In Largest Office Relocation Transaction in Portland's History, Stoel Rives Announces Move to Park Avenue West
10/15/2008

Stoel Rives LLP has signed a lease agreement to become the anchor tenant in the Park Avenue West (PAW), a major new Portland office building under construction targeted for LEED Platinum certification. Oregon's largest law firm is set to move when the building opens in August 2011.

Stoel Rives' move to this iconic state-of-the-art building will enable the firm to reinvent its work space, yet still be connected to the core of downtown and the special vibrancy of the developing West End and the Pearl District. The new building is located between SW Morrison and Yamhill and SW Park and 9th Avenue.

"We conducted a major search downtown of more than 20 different sites," said Walter Van Valkenburg, the Portland office managing partner for Stoel Rives. "After narrowing our search, we determined that Park Avenue West represents the perfect combination for us. We will be in the heart of downtown and our workplace will reflect our national reputation as a leader in the areas of green building and renewable energy. This move also will allow our people to be more collaborative, nimble and efficient."

Stoel Rives will occupy over a third of the 32-story PAW. The 100+ year old law firm will have offices on floors 6, 7 and 14-22, occupying a total of 11 levels. Some of the office's key features include:

• Since Stoel Rives is the building's anchor tenant, its logo will be displayed on the outside of the building.
• The 22nd floor office, the highest office level in the building, will feature an informal attorney lounge and a conference center with a large indoor/outdoor gathering area, which will be used to host client meetings and receptions. Outside decks facing east and west will have breathtaking views of the Cascade Mountains, the Willamette River, the Portland skyline and the historic Portland bridges.
• The new office space will connect the offices by stairwells to encourage collaboration, through ease of accessibility. Every other floor will also have an informal conference space for meetings.
• Stoel Rives will also have access to an in-building workout facility with showers, bike lockers and bike storage.

"Our new location will help us continue to attract and retain the best and brightest lawyers," said Robert D. Van Brocklin, Stoel Rives Firm Managing Partner. "This decision reflects our commitment to be in the forefront of the legal profession in Oregon and in all of the states in which we serve clients."

PAW is targeting LEED Platinum certification, the highest designation from the U.S. Green Building Council. Some of the green features include:

• Abundance of daylight, which contributes to lower energy costs and higher employee comfort and productivity. LEED Platinum guidelines require 94 percent of employees to have access to natural daylight and an outside view.
• Operable windows, highly unusual for high-rise buildings. The access to outside air will help regulate the interior's temperature, which lowers energy costs.
• Low glare and energy efficient lighting and lighting controls.
• Highly energy efficient and separate HVAC system floor by floor, which allows greater control after hours and reduced costs.
• Diversion of 75 percent of all construction waste away from landfills.
• Use of 20 percent of recycled content in building materials.
• Use of 50 percent of regional materials and certified wood.
• Reduction of its water usage by 30 percent.

Stoel Rives will move from its current space in the Standard Insurance Center on SW 5th Avenue.

"Standard Insurance has been a great landlord," said Van Valkenburg. "It was just time for us relocate after having been in the same building for 38 years. We will have the opportunity to reinvent our office as a part of this move as well."

Last year, Stoel Rives circulated an office-wide survey to find what employees ranked as important in its next office location. The results came back with some definite suggestions:

• Over 89 percent stated that it was imperative to have the new office in central downtown:
• Stoel Rives will be in the active West End of downtown. PAW is also very much connected to traditional downtown and located adjacent to the Pearl District.
• Nearly 90 percent said that having an office located close to public transit was vital:
• The MAX track lines run on both sides of the PAW block and the Portland Streetcar is one block away. The new MAX line on the Transit Mall is set to open in 2009 and will only be two blocks away.
• More than 95 percent observed that the proximity to amenities (restaurants, shopping, etc.) was crucial:
• The PAW will have three floors of retail space, which will include the new flagship for Niketown. Pioneer Place mall, Nordstrom and hundreds of restaurants are also closely located to the new office.
• Over 86 percent wanted a building with sustainable features:
• Stoel Rives will be moving into a building that reflects its dedication to sustainable practices. The PAW is targeted to earn the highest possible LEED certification. Once the structure earns its platinum status it will be the tallest LEED Platinum building on the West Coast.

What key players are saying about Stoel Rives move to Park Avenue West:

Vanessa Sturgeon, President of TMT Development, developers and owners of the PAW

"We have had a long-term relationship with Stoel Rives, as they managed all of the land usage agreements for the PAW over a decade ago. We are extremely pleased to take part in such a monumental and groundbreaking decision. It is incredibly noteworthy that four leading Portland businesses [Hoffman Construction, TMT Development, TVA Architects and Stoel Rives] are collaborating on a Portland high rise. This never happens!

"It is immensely gratifying to complete a project that my grandfather [Tom Moyer] started over a decade ago. Although he is 89 years old now and will be 92 years old when the project is complete, he has been in the office every day watching his vision come to life."

Tom Moyer, CEO, TMT Development

"Stoel Rives is a fine law firm, one that I'm very proud to call a tenant. We have been clients for decades; in fact Stoel Rives did much of the work on Fox Tower and the Park Avenue West on our behalf. Now, the business relationship is mutual."

Bob Thompson, Design Principal for TVA Architects, designers of the building

"The building is critical to the continued evolution of the Portland skyline in that it's the tallest building to be built in the state in nearly 40 years. Stoel Rives is Oregon's premiere law firm and it is an honor and a privilege to welcome them to PAW as the building's lead tenant. Their selection underscores Mr. Moyer's long-standing commitment to excellence at the highest level and will establish the PAW as Portland's prime business address."

Sue Kerns, director of interior design for ZGF Architects, charged with creating the interior office space for Stoel Rives

"This is a great opportunity for Stoel Rives to work differently than they work now. The #1 law firm in terms of green building and renewable energy deserves a work environment to reflect the caliber of work they produce."

Thomas J. Usher and Dan R. Swift, both senior directors at Cushman & Wakefield, exclusive real estate brokers for Stoel Rives

"This is one of the most significant real estate stories in Portland's history. It is clearly the largest office relocation transaction that has ever occurred in the city of Portland. After 38 years in the same building, the largest law firm in Oregon is making a bold statement about their future and their confidence in the Portland market."

Scott Madsen and Jeff Falconer, Principals, Capacity Commercial Group, LLC, real estate brokers for TMT Development

"This relocation represents the largest new lease in Portland's history. The selection of Park Avenue West by Portland's largest law firm is no surprise given the quality, location and atmosphere that TMT will create at this location. Stoel Rives clearly sees the value in the vision that Bob Thompson and Mr. Moyer have created at Park Avenue West. Being in a live, work, play building is the way of the future."

Stoel Rives LLP is a business law firm providing corporate and litigation services to a wide range of clients throughout the United States. The firm has nearly 400 attorneys operating out of 11 offices in seven states. Stoel Rives is regarded as a leader in energy, real estate, project development, land use and construction, natural resources, environmental, litigation, corporate and intellectual property law. The firm has offices in: Boise, Idaho; Denver, Colo.; Minneapolis, Minn.; Portland, Ore.; Sacramento, Calif.; Salt Lake City, Utah; San Diego, Calif.; San Francisco, Calif.; Seattle, Wash.; Tahoe City, Calif.; Vancouver, Wash. For more information, visit www.stoel.com.