October 8, 2020
THE STANDARD WELCOMES UNION BANK TO 900 SW 5TH AVENUE TOWER IN PORTLAND, OREGON
The Standard welcomes their newest retail tenant, Union Bank, who will occupy the 2,200 SF ground-floor bank space formerly occupied by Wells Fargo and 5,634 SF of office space on the 25th floor of the 900 SW Fifth Avenue building in Portland, Oregon.
Union Bank is a notable addition to the 900 SW Fifth building and will be joining a diverse mix of tenants including Fidelity National Title, Glumac, Norris & Stevens, Inc. and Cosgrave Vergeer Kester LLP. The current lobby remodel is nearly complete along with the south side marble deck replacement, updated building storage, locker rooms and auditorium seating for 200.
“We are thrilled to have completed this lease with Union Bank in spite of the complications caused by the pandemic, the demonstrations, and the current retailing economy”, said Mike Morey, Vice President with The Standard. “The team put together a compelling proposal to the prospective tenant and Union Bank recognized the opportunity to fit into the vacant existing bank location.”
Duane Link, Luis Martin del Campo and Henry Bishop with Portland-based Norris & Stevens, Inc. represented the Landlord, Standard Insurance Company, in the transaction. Trevor Kafoury and Autumn Brice of CBRE represented the Tenant.
“Though commercial real estate markets across the nation have been impacted by the events of 2020, this lease testifies to the resilience of Portland and fortitude of our local real estate community”, said Duane Link, Senior Broker for Norris & Stevens, Inc. “Property owners like the The Standard, who invest in the future of their properties and tenants, are an attractive anchor to the influx of local, regional, and national tenants seeking a stable home for their expanding businesses”.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 6 million square feet of commercial space and 9,000 apartment units.