New Office Project Finding Takers

VANCOUVER, WA-A new office building adjacent to the Heathman Lodge here is leasing up nicely. Completed last month, the 50,000-sf Parkway Plaza IV building is more than 50% leased, according to the leasing agent for the property. Rich Sabel of SB Richard Ellis tells GlobeSt.com that Prestige Care has leased the 17,178-sf top floor while National City Mortgage and Vancouver Insurance have signed on for 6,170 sf and 2,015 sf, respectively, on the first floor. National City Mortgage committed to 6.5 years, National City Mortgage to five years and Vancouver Insurance three years. The negotiated lease rate isn’t being revealed by the parties involved. The asking lease rate for the property is $21.50 per sf per year, full service, including a standard $25 per sf tenant improvement allowance. Generally speaking, market concessions have included above-standard tenant improvements and some free rent, according to local brokers. Prestige Care, which provides senior care to assisting living communities on the West Coast, is relocating and expanding from 502 SE Columbia Shores Blvd., also in Vancouver. National City Mortgage also is expanding, from 7710 NE Vancouver Mall Dr.The owner of Parkway Plaza IV is the Gold Metal Group, a company led by local developer Dennis Pavlina. Gold Metal Group owns another office building one block from this one and develops apartment buildings and single-family homes. Sabel says leasing activity has been very strong “and it looks like it will continue through the balance of the year.”