Vacasa, a leading vacation rental management company, is going to move its corporate headquarters to The Heartline, a mixed-use development currently under construction in Portland’s historic Pearl District.
The company has recently signed a 61,000-square-foot lease with Security Properties, the property’s owner and manager. Considering that the five-story asset will have a total square footage of 70,702 square feet, Vacasa is going to be the largest tenant. In fact, the company’s new corporate base will occupy all the building’s office space, spreading across floors two through five.
Listed on the Technology Fast 500 2016 ranking, the Oregon-based, tech-enabled vacation rental firm experienced an accelerated growth, which led to the overcrowding of its present headquarters at the RiverTec Building at 905 NW 12Th Ave. Therefore, the company decided to relocate its corporate offices, but it will retain the 36,000-square-foot lease held on the top floor of the two-story, garden-style office complex adjacent to the Heartline development. Located right next door to each other, the two buildings are going to serve as the company’s corporate campus.
RiverTec, an industrial building originally completed in 1949 and converted to office use in 2000, is an 80,000-square-foot asset that features 800 square feet of retail space. According to Yardi Matrix data, the mixed-use property has a diverse tenant roster that includes a coffee shop, a restaurant, a private liberal arts college, and a telecommunications company.
Vacasa’s new headquarters is located on a roughly 1-acre site at 1241 NW Johnson St., with the lobby situated on the dock-high sidewalk level of the Heartline development, right off NW 13th Street. The future Class A single-tenant building shares subterranean parking withBlock 136 and features a landscaped rooftop deck that will be available exclusively to Vacasa employees.
The transit-oriented property includes 10,535 square feet of retail space and provides easy access to two main arteries, NW 13th Avenue and NW Johnson Street, as well as to eight public transportation stations. Construction on the project is scheduled for completion in June 2018.