TMT's Vanessa Sturgeon On Office Demand, Fox Tower And Park Avenue West
TMT Development's president Vanessa Sturgeon is feeling optimistic about Portland’s office market. It’s a good thing, too, since TMT owns over half a million square feet of high-rise Class-A office space between Fox Tower and Park Avenue West alone. Vanessa will be a panelist at our Portland State of the Market event on Sept. 29.
“Office demand is very strong,” Vanessa tells Bisnow. “I expect it to continue to grow steadily, based on market fundamentals. Traditional users are fueled by the growth in the tech market.”
TMT’s Fox Tower (above, right; Park Avenue West is on the left) stands 27 stories tall and is primarily a Class-A office structure with ground-floor retail and underground parking. TMT spent three years developing Fox Tower, which opened in 2001. It was designed by TVA Architects’ Robert Thompson, who combined a curved plane with more traditional right angles. This design is eye-catching, but also prevents more of the building’s shadow from falling on Pioneer Square. It was named after the iconic Fox Theatre, which opened in 1911. Both Fox Tower and Park Avenue West can be seen below.
Vanessa sees office demand as fluid, working to keep up with market trends. “The office market has changed quite a bit in the last decade,” she says. “Users continue to gravitate toward collaborative workspaces and smaller footprints for individual workstations.”
Park Avenue West, which opened this year, has 13 stories of office space and is already 92% leased to Stoel Rivers, Washington Trust Bank, Morgan Stanley and Charles Schwab, among others. It also houses 202 luxury apartments. Construction resumed in 2013 after a four-year break, a physical representation of Portland’s recovery.
Hear more from Vanessa and our other speakers at our Portland State of the Market event Sept. 29 at the Portland Marriott Downtown Waterfront.