Cushman & Wakefield Arranges 34,000 SF Lionbridge Lease
2 Jun, 2011, Vancouver, Wash.
Lionbridge Technologies Inc. has signed a five-year lease for 34,000 square feet of flex space at 1115 SE 164th Avenue, a 478,080-square-foot office/flex building also known as Columbia Center. Owner PacTrust Realty was represented by Paul Carlson and Tom Usher of the Portland, Oregon office of Cushman & Wakefield. The tenant was represented by CresaPartners.
The transaction for Lionbridge, a provider of testing solutions for technology applications and Web content, follows the recent signing by the Cushman & Wakefield team of Hewlett Packard to a 160,000-square-foot lease at the same location. "It is actually an offshoot of the HP lease," said Carlson. "Lionbridge is a contractor for laboratory services for HP, which had earlier sold its Vancouver campus and is reconfiguring its local operations, including moving operations to this site.
"Essentially, Lionbridge is coming in and taking the lab function out of the HP campus and moving it into Columbia Center," Carlson said. "Lionbridge was originally looking for twice the space, but with the HP contract, the latter took that extra space. The 34,000-square-foot Lionbridge area is very technical lab space that will involve a significant build-out."
Hewlett Packard, whose own transaction at Columbia Center was concluded late last year, is currently in the process of moving into its space and is expected to be fully in place by the end of the year, keeping a prominent presence in the Vancouver market in the process.
The three-level Columbia Center is situated at the entrance to Columbia Tech Center, PacTrust Realty's 412-acre master-planned mixed-use development in Vancouver, within the Clark County technology corridor. The site is 10 miles from Portland International Airport, with access to I-5, I-205, and within 20 miles of the Port of Vancouver. Features include a 12-acre park, amphitheater, cafeteria, fitness center, back-up power generator, and uninterrupted power supply and security system.
"Columbia Center has one more large space to fill as we continue to market the asset," said Carlson. "We are seeing a great deal of interest in this location and expect to make an announcement very shortly."
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide - totaling 141.6 million square feet in leases and 52.9 million square feet in sales - with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.