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  #1  
Old Posted Jan 18, 2007, 11:59 PM
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Park Avenue West | 501' 7" | 30 floors | Completed

Tom Moyer to build 35-story downtown office tower
Portland Business Journal - 3:18 PM PST Thursday
by Wendy Culverwell
Business Journal staff writer

The temperature of Portland's downtown office market rose Thursday with the announcement by developer Tom Moyer that he will build a 35-story office tower just west of Nordstrom.

Moyer's firm, TMT Development, said it would break ground this fall on the $150 million project, which it has dubbed Park Avenue West at Park Avenue and Yamhill Street. The building will occupy Park Block Four, currently home to the Zell Brothers Building and kitty-corner from Moyer's most recent skyscraper, the 27-story Fox Tower.

Park Avenue West is being designed by Robert Thompson, founding principal of TVA Architects Inc., which also designed Fox Tower, which opened in 2000.

At 410 feet, the new building will be among Portland's tallest. And with 525,000 square feet, it will easily eclipse its sibling, the Fox Tower, which is Portland's sixth largest office building with 438,000 square feet.

The new building will have approximately 280,000 square feet of Class A office space, three floors of retail, 85 units of housing and 350 underground parking spaces.

The announcement comes as Portland faces its tightest market for downtown office space in recent years. According to the most recent figures from Grubb & Ellis, the vacancy rate for Class A space in the central business district has dropped to 5.9 percent and asking rents have inched up to $23.80 this quarter, from $22.66 a year ago. As a rule of thumb, it takes rents in the mid-$30s to justify new office construction.

"Everybody knows we're heading into a tightening market," said David Squire, managing director at Grubb and Ellis.

At present, major office users have little to choose from in downtown. Offerings include four spaces of 20,000 to 30,000 square feet, one between 30,000 and 50,000 square feet, and nothing above that.

With rents rising and a tight market giving major tenants little room to grow, several developers want to answer demand with new supply. BesidesMoyer, Equity Office Properties is still pressing ahead with plans for a 15-story office building plans at First and Main.

Squire said any one of the developers considering new office towers is capable of pulling it off, but said Moyer has an edge since he is sole proprietor of his firm.

"He certainly did it before with the Fox Tower. He answers to no one," he said.

"This is probably good news for downtown."

In addition to Fox Tower, TMT owns and operates the 1000 Broadway building and the Studio Building. Its headquarters are at Fox Tower.

TMT officials weren't available to comment this afternoon. They gave no indication of any pre-leasing activity in announcing plans to construct the new tower.

wculverwell@bizjournals.com | 503-219-3415
http://www.bizjournals.com/portland/...ml?t=printable
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  #2  
Old Posted Jan 19, 2007, 12:03 AM
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Yes!!!
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  #3  
Old Posted Jan 19, 2007, 12:41 AM
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Hopefully the parking will share an entrance with the Fox Tower and PB5 garages.
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  #4  
Old Posted Jan 19, 2007, 1:35 AM
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Awesome! Hope it's a good design.
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  #5  
Old Posted Jan 19, 2007, 1:36 AM
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Typical, a plus replacing a plus. We lose the virginia cafe with this development. A few dozen wasted propeties in the area that this building could have been put on, but I believe most are stuck in the goodmans hands. Not so sure this is a postive development.
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  #6  
Old Posted Jan 19, 2007, 1:58 AM
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Cab,

How are you sure that this is going to replace the cafe? I thought west of Nordstroms was that new park. Has anyone seen some renderings?
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  #7  
Old Posted Jan 19, 2007, 2:22 AM
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Awesome news! Considering that the architects are TVA, I'm expecting this will be a great design.

This is the block where Mercantile, Zell and Virginia Cafe are now. It is one of the smaller blocks downtown (100 x 200 ft). We heard rumors of this at least a year ago but I dont think it was going to be anywhere near this tall.

I agree cab that it is unfortunate that this replaces some successful businesses in fabric buildings especially when there is a parking lot less than a block away but I would imagine the businesses would definately relocate and I personally don't consider the buildings on this block architecturally significant.
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  #8  
Old Posted Jan 19, 2007, 2:36 AM
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Wow, a big one out of the blue.

Did this up on the fly:

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  #9  
Old Posted Jan 19, 2007, 2:39 AM
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Wow, great news! I'm jealous.

Can't wait to see a rendering.
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  #10  
Old Posted Jan 19, 2007, 2:47 AM
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This would be the city's 5th tallest (PacWest Center is 417 ft).

Note the 85 housing units in the proposal.
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  #11  
Old Posted Jan 19, 2007, 3:02 AM
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holy crap. this is great news. i wonder what happens to those other office projects down on 1st now?
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  #12  
Old Posted Jan 19, 2007, 3:16 AM
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Quote:
BesidesMoyer, Equity Office Properties is still pressing ahead with plans for a 15-story office building plans at First and Main.
.
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  #13  
Old Posted Jan 19, 2007, 3:21 AM
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good for PDX
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  #14  
Old Posted Jan 19, 2007, 3:22 AM
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I am looking at the prospect of a "fabulous" design!
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  #15  
Old Posted Jan 19, 2007, 3:23 AM
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just about pissed myself when i saw this and that its supposed to start work this fall

happy that TVA is the architect, hoping we get something as cool as the Broadway Tower we've seen around here that would be next to the Ladd. Big fan of the height and mixed uses too. Now I reallllyyy want a G/E tower to replace the Yamhill smart park
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  #16  
Old Posted Jan 19, 2007, 3:23 AM
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Awesome! I am hoping this will be an awesome design.
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  #17  
Old Posted Jan 19, 2007, 4:02 AM
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Yes! How'd I miss this, it was totally off my radar?!?!?

Very happy to hear that it will break ground so quickly.
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  #18  
Old Posted Jan 19, 2007, 4:07 AM
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Oregonian: Moyer to Develop Downtown High Rise

Tom Moyer, developer of downtown's Fox Tower, will announce Friday that he intends to start construction this fall on a $150 million high-rise office tower that could add long-sought retail vitality to a sleepy midtown section of downtown.

The Park Avenue West tower, at Southwest Park Avenue north of Yamhill Street, would contain 35 stories of offices, retail and condos on a half-sized block that many have hoped could someday become one of several new park blocks connecting the North and South Park Blocks. The 410 foot tall tower, if built today, would be the fourth-tallest building in Oregon, peeking over the Moyer-owned Fox Tower and the 387 foot PacWest Center, currently the fourth tallest.

"It's a good, underdeveloped block in town," Moyer said in an interview Thursday. "It's one block off Broadway. It's a good retail area. Its an opportunity to invest a little money there."

Moyer's TMT Development and another Moyer company bought the site for the new tower last week from the Zell family. Known as Park Block 4, or the Zell Block, it is most known for the Zell Bros. jewelry store and the Virginia Cafe, among other retail.

Moyer, 87, was once a Portland-area theater chain owner. But in recent decades, he has plowed a fortune into building highrise office tower's downtown and suburban retail centers.

Aside from the rare addition of office space, the Park Avenue West project is expected to include 85 condos on its upper floors and three floors of retail space starting on the first floor. It also would have 350 parking spaces that Moyer said he woudl like to connect to the parking under construction on Park Block 5, just south of the site.

Moyer said he has already started a list of national retailers with no presence in the Portland area, that could anchor the space, totaling about 45,000 square feet.

For full details, see The Oregonian on Friday.
- Dylan Rivera

http://www.oregonlive.com/newslogs/o...01.html#227036
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  #19  
Old Posted Jan 19, 2007, 4:29 AM
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I would imagine this would go through design review quite soon if it is supposed to start construction later this year.

Looks like it will be 4th tallest. SSP diagrams had PacWest at 417 ft.

I cant wait to see tomorrows Oregonian, hopefully there will be at least a preliminary rendering.
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  #20  
Old Posted Jan 19, 2007, 4:57 AM
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