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News release

PORTLAND, OR

Block 300 secures another tech tenant - Cvent

JLL arranges lease for Cvent to take 14,000 at renovated building at 308 SW Second


PORTLAND, May 19, 2014 – In another sign that the Rose City economy is on the rise, Virginia-based event management software provider Cvent, Inc. has signed a new lease which roughly doubles its existing space and relocates from close in Eastside to downtown Portland.  The new lease, for 14,000 square feet, will see the firm move later this year to Block 300, an ENERGY STAR certified office property at 308 SW Second Avenue in the historic Skidmore District of the city.  

“We’re thrilled to add another technology company to our roster of firms making Block 300 their new home,” said Sam Fuchs, COO of Kaufman Jacobs, the managing partner of the building’s ownership group. “Their selection of Block 300 adds to our strong momentum following the recent Puppet Labs lease of 75,000 square feet, and further speaks to the property’s strong appeal to Portland’s thriving creative tenant base.  We will be finishing our extensive lobby renovation project this month and are very excited to already be working on finalizing yet another new lease for the building.”

The General Services Administration vacated over 150,000 square feet at Block 300 in late 2013.  The owners and leasing team have since repositioned the building to appeal to creative tenants through a multimillion-dollar capital improvement program and have been successful in leasing more than 90,000 square feet of that space.  These efforts have led to a re-stabilized occupancy rate of approximately 85% within a matter of months following GSA’s departure.  

Block 300, located at 308 SW Second Avenue, is an approximately 360,000 square foot office building owned by a joint venture between Chicago-based Kaufman Jacobs, Starwood Capital Group and JPMorgan, and is part of the Rubicon US REIT.  The building’s capital improvement program, includes a fully renovated lobby, fitness center, and many other common area improvements, along with the addition of secure bicycle parking and a building conference center. The renovations utilize premium materials and finishes and will feature unique elements such as a living green wall and an interactive Philips Lumiblade OLED light installation, the first of its kind in North America. Building upgrades also focus on environmental awareness and energy efficiency, with the award of LEED Gold anticipated for the property in early June of 2014.

The lease was arranged by the agency leasing team of Mark Friel, senior vice president, Jake Lancaster, senior vice president, and Buzz Ellis, managing director of JLL, on behalf of the Block 300 ownership entity under the Rubicon US REIT.  Cvent was represented by Craig Reinhart, managing principal of Cresa Portland.

For additional information on the property, including the renovations underway and remaining space availability, please visit www.block300.com.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.