DLA Piper advises landlord on Tanner Point lease agreement
DLA Piper represented the landlord in the negotiation of a lease agreement with On Inc., a running shoe and apparel brand based in Switzerland, for a full-floor lease at Tanner Point in Portland, Oregon. On Inc. will relocate its North American headquarters to the building’s fifth floor, which spans 28,610 rentable square feet, beginning in August 2021.
Tanner Point is an eight-story Class A office building located at 1250 NW 9th Avenue in Portland’s Pearl District neighborhood that offers tech-enabled creative office space. The landlord is a public pension fund with over US$200 billion in assets and is advised by the global real assets investment manager CBRE Global Investors.
“On was looking for a high-impact, high-growth space, which Tanner Point was able to deliver,” said Trevor Kafoury, executive vice president of CBRE. “With the ability to add interconnecting stairs between floors, On will be able to grow its operations at the property and take advantage of Tanner Point’s first-class workplace experience.”
“Tanner Point offers incredible amenities, including restaurants, retail stores, art galleries and fitness facilities, as well as roof terraces and nearby parks and outdoor gathering spaces,” said Casey Sobhani, DLA Piper partner and head of leasing for the firm, who represented the landlord. “It was a pleasure to bring our extensive leasing experience to complete this transaction, which will enable On to continue expanding its business in a truly first-class environment.”
With approximately 200 real estate lawyers in the US and 500 globally, DLA Piper's market-leading Real Estate practice offers a full range of real estate services, including single asset and portfolio acquisitions and dispositions, single asset and multi-property/programmatic joint ventures, fund formation, operating company investments, cross-border investments, REITs, financing, construction and design, leasing, zoning/land-use, environmental law, real estate litigation and tax.
