Bridgewell Resources, like many companies across the United States, was eager to create a workplace that would excite and encourage its Oregon employees to return to the office after the prolonged COVID-19 pandemic disruptions.
The supply chain manager and wholesale distributor of agricultural, food, construction mats, utility and wood products knew it wanted to move from outdated offices in the southwest Portland suburbs to higher-end quarters. But it wasn't exactly sure how much space it would need and how it should be outfitted.
So, Bridgewell hired Stanford Scriven, founder of Northwest Tenant Group, to explore relocation options. After planning sessions over several weeks that included interviews with executives and other employees, the broker found a smaller space on the top floor of the 118,000-square-foot 2 Centerpointe office building in nearby Lake Oswego.
Scriven negotiated a deal with landlord Travelers Insurance that included tenant improvements, allowing Bridgewell to trim its office footprint and provide an updated workplace for the company and its employees.
The deal that reduced the company's real estate costs while creating a more attractive and functional place to work earned the project a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: Scriven's Northwest Tenant Group partnered with Design+Build to launch the workplace strategy process for Bridgewell Resources with a goal of moving from 18,000 square feet where the company had operated for 13 years to new offices in the Lake Oswego and Tigard area. The process resulted in a clear mandate to find 12,000 square feet of higher-end space in the same area and sign a five-year lease.
Scriven negotiated a deal at 2 Centerpointe that included a 65% higher tenant improvement allowance than the previous lease signed by a tenant in the office building, and six months of free rent. The landlord paid nearly 80% of the cost of Design+Build's improvement project.
What the judges said: "The Bridgewell Resources lease highlights the opportunities that exist for tenants, even in one of Portland's more relatively supply constrained submarkets," said Colliers Research Analyst Jamison Shields. "The transaction is also impactful as it serves as a benchmark for the type of space needed to attract employees back to the office."
"The fact that the firm used the lease to catalyze change and bring employees back to the office makes it very impactful," added Julia Freybote, associate professor of finance and real estate at the Portland State University School of Business.
They Made it Happen: Stanford Scriven, founder and principal of Northwest Tenant Group, represented the tenant. CBRE's Dan Swift and Lana Baldock represented the landlord.
CoStar Market Manager Chris Sangiuliano contributed.