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October 25, 2014
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Portland HQ Office Lease is a Steel


Schnitzer Steel Industries has leased 42k sf of HQ office space at KOIN Center, located at 222 SW Columbia St in downtown Portland. Terms of the transaction were not disclosed.

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Schnitzer Steel industries is currently headquartered in two different spaces: at Montgomery Park and at the 3200 Yeon Building. The new space, on KOIN Center's third and fourth floors, will accommodate all of Schnitzer Steel's several hundred local employees. This deal brings the building to 92% occupied.

The 35-story high-rise is situated just west of the Hawthorne Bridge and close to many office buildings, in addition to many restaurants and hotels along the revitalized riverfront area. Rising 34 floors above street level with three underground levels, KOIN Center covers an entire block in the heart of Portlandís CBD. It is owned by American Pacific International Capital Inc, which acquired the asset in December 2009.

Designed by Portlandís Zimmer Gunsul Frasca Partnership, KOIN Center opened in 1984. It consists of 55.6k sf of office, retail, and entertainment space on the first three levels, 297.2k sf of office space on floors 4 through 19, and 44 condominiums with a total of 110k sf on the uppermost floors. The studios and broadcast facilities of the local CBS affiliate, KOIN-TV, are located below grade in approximately 76.3k sf.

NAI Norris, Beggs & Simpson President Chris Johnson and Vice President MaryKay West represented the tenant in this latest lease. According to Johnson, Schnitzer Steel's move to the CBD, which enables them to consolidate their Portland office, will provide the firm with many opportunities for increased efficiency and collaboration.

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