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Kruse Oaks III rises on Meadows Road

by: Cliff Newell, 
The bricks are piled high, ready for building of Kruse Oaks III in Lake Oswego, the newest project of real estate giant Shorenstein Properties LLC. The five-story building is expected to open for business in April 2009.

The Portland area's largest landlord has just gotten larger.

Shorenstein Properties LLC is now building Kruse Oaks III, an 110,000-square-foot, 5-story office building at 5500 Meadows Road in Lake Oswego.

'It is the best suburban market for office buildings in the Portland area,' said Shorenstein senior vice president Matt Cole. 'It made excellent sense to build there.'

Cole said that the site, where ground was broken at the beginning of January, offered pretty much everything that Shorenstein wanted. The finite amount of land in the area made the company jump at the opportunity.

'There's nice housing. There's access to freeways,' Cole said. 'It's located in a beautiful park.'

Perhaps the most interesting aspect of Kruse Oaks III is that it is being built to attain the U.S. Building Council's gold standard. Cole says that this is not only socially responsible but makes sheer good business sense.

'This is a building standard that the next generation will demand,' he said. 'It makes great business sense to build it that way now, and it's not that much more difficult to build to a gold standard. This is something we're doing across the country.'

Kruse Oaks III is only the latest addition to Shorenstein's awesome amount of real estate holdings in the Portland Metro area. The company now owns 19 million square feet of property, including 19 buildings on Kruse Way, Lincoln Center (across from Washington Square Mall), Nimbus Corporation Center, two downtown Portland buildings, a new building on First and Main in Portland (the city's first skyscraper in more than a decade) and four buildings on Johns Landing.

The building is scheduled to open in April 2009. Cole said that Shorenstein is actively marketing Kruse Oaks III for tenants.

'We expect to get a lot of existing tenants of the area and also some outside tenants,' Cole said.

To find out more about Shorenstein Properties LLC, go to its Web site located at www.shorensteinportland.com .