Stoel Rives LLP has received significant media recognition for its key role in the re-start of construction on the Park Avenue West Tower in downtown Portland.
The Wall Street Journal noted it as the Deal of the Week on Tuesday, November 5, 2013. Writer Eliot Brown noted that the revival of construction on the 30-story mixed-use tower "is an indication that demand for new office space, which had been limited to the nation's largest markets, is spreading to midsize cities."
The inability to secure financing during the 2009 recession caused the building to be mothballed, but until "TMT found law firm Stoel Rives LLP to take nine of the 13 floors of office space and secured $118 million in construction financing from a debt fund run by Pacific Coast Capital Partners LLC."
Deal of the Week: Office Is Showing Promise was published by The Wall Street Journal on November 5, 2013. Subscription required.
The Oregonian's Eliot Njus wrote, "Stoel Rives' willingness to sign a lease and throw its weight behind the project — for the second time — was key to convincing lenders to jump-start the long-stalled development."
The law firm had originally signed a lease in 2008, but the subsequent recession prevented developer TMT Development Co. from moving forward.
"This represents a strong commitment to Portland, the state and its economy," managing partner Bob Van Brocklin told The Oregonian. "We've been in the same building for 43 years. We don't do this every day."
"Park Avenue West Tower: Law firm Stoel Rives signs on as tenant, clearing way for construction" was published by The Oregonian/Oregonlive.com on October 19, 2013.
The Daily Journal of Commerce Oregon noted that Stoel has committed to a 15-year lease for the top nine floors (approximately 131,000 square feet total) of the building.
TMT Development's Park Avenue West. The firm in 2008 was slated to occupy 157,000 square feet in the mixed-use tower, but the recession squashed those plans."Stoel Rives back on board as Park Avenue West anchor tenant" was published by the Daily Journal of Commerce Oregon on October 21, 2013. Subscription required.
Portland Business Journal Real Estate writer Wendy Culverwell pointed out that construction of the new Park Avenue West tower and a recently re-opened new federal building "will add hundreds of thousands of square feet of office space to the market and set off a game of musical chairs when it comes to relocating tenants."
She noted that Stoel Rives will occupy 11 of the $175 million building's 13 office floors. Another 15 floors will be apartments.
In a later story announcing TMT's November 1 celebration ceremony of the construction re-start, she reported that workers are re-waterproofing the three floors of underground parking that were constructed before the 2009 work stoppage, with a construction crane to arrive in January.
"Park Avenue West spurs big vacancies downtown" was published by The Portland Business Journal on October 21, 2013. Subscription required.
How do you restart a 30-story project? Call in the marching band! Was published by The Portland Business Journal on October 30, 2013. Subscription required.