ZoomInfo's offices at 805 Broadway St. in Vancouver, Washington. It is moving into a new Waterfront headquarters next year.
BACH / PORTLAND BUSINESS JOURNAL
By Jonathan Bach – Staff Reporter, Portland Business Journal
May 17,
2024ZoomInfo announced plans in 2021 to lease more than 366,000 square feet in the underdevelopment Terminal 1 offices on the Vancouver Waterfront.
As its 2025 move-in approaches, the Vancouver-based sales intelligence company (Nasdaq: ZI) has placed nearly half its leased offices on the sublease market, according to market reporting and real estate promotional materials.
In other words, it's trying to find other occupants to take as much as 178,755 square feet inside Terminal 1. A first-quarter market report from real estate brokerage CBRE states Terminal 1 "is nearing completion, half of which will deliver as space available for sublease." Another brokerage, JLL, has listed the 178,000 square feet for sublease. It's not clear how much, if any, has found subletters.
ZoomInfo declined to comment on whether it plans to occupy the entire Terminal 1 offices as originally planned in 2021, or specify how many square feet it plans to occupy.
Patrick Gilligan, senior executive vice president for Terminal 1 developer Lincoln Property Co., said, "Unfortunately I can't comment on any sublease activity."
In a recent securities filing, the company said, "In certain geographies, we anticipate that we will endeavor to sublease some of our committed space where the lease provides more space than we will require during certain periods of the lease." ZoomInfo declined to say whether the statement applied to Vancouver. The company has offices across the U.S. and globally.
ZoomInfo's current offices at 805 Broadway St. in Vancouver total about 58,000 square feet, according to securities filings. The company looked at a dozen possible places in and around Vancouver as it sought a new headquarters, before signing a lease for all of Terminal 1, the company said in September 2021.
Since then, it has undergone layoffs in 2023. Separately, companies across industries have had to contend with a changing office culture that puts less emphasis on in-person hours and more on hybrid schedules.
Brokers with JLL are handling the sublease of Terminal 1's seventh through tenth floors, each between 41,197 and 46,454 square feet in size. JLL says online the space at 100 S.W. Columbia Way will come available in March 2025.
"Boasting a perfect blend of indoor and outdoor spaces, The Offices at Terminal 1 offers an array of thoughtfully designed lush outdoor areas, encouraging collaboration,
relaxation, and a true breath of fresh air," a brochure advertising the 178,000 square feet states. "Whether it's hosting meetings under the open sky or taking a moment to unwind amidst picturesque surroundings, these outdoor spaces offer a unique opportunity to enhance productivity and well-being."