Department of Human Services
Corvallis, OR
Unstated
Unstated
Unstated
13.5 Years Remaining
100%
53,397 SQ FT
Office
2018
4.86 Acres
Sold
STATE OF OREGON – INVESTMENT GRADE CREDIT
100% leased to the State of Oregon, featuring an investment grade credit rating of Aa1 by Moody’s Investors Service
FIRM LEASE TERM WITH ANNUAL RENT INCREASES
New, first-generation lease with 13.5 years of firm term remaining; exceptionally rare government lease structure with scheduled annual base rent increases, tenant responsibility for utilities, janitorial, and real estate tax increases, and no tenant rights for termination or cancellation
2018 BUILD-TO-SUIT CONSTRUCTION
Build-to-suit construction completed in 2018 for State of Oregon for occupancy by the Department of Human Services; the subject property consolidated multiple Human Services offices within the area into one facility
ESSENTIAL GOVERNMENT SERVICES
Department of Human Services provides direct services to more than one million Oregonians each year, with a legislatively approved 2021 – 2023 budget of $18.38 billion, amounting to approximately 16% of Oregon’s total budget; DHS Corvallis houses essential services including Child Welfare, Self-Sufficiency, and Vocational Rehabilitation
CENTRAL LOCATION NEAR OREGON STATE UNIVERSITY
DHS Corvallis features a central location 1.5 miles from the Oregon State University campus (largest university in Oregon with over 37,000 students) and within three miles of downtown Corvallis
The Oregon State Department of Human Services office in Corvallis, Oregon is a 53,397 square foot facility that is 100% leased to the State of Oregon for an original 19-year firm term commencing in 2018, featuring an exceptionally rare government lease structure with scheduled annual base rent increases, tenant responsibility for utilities, janitorial, and real estate tax increases, and no tenant rights for termination or cancellation. The State of Oregon carries an investment grade credit rating of Aa1 by Moody’s Investors Service, which is the second-highest possible score within the Moody’s rating system.
Constructed in 2018 as a build-to-suit development for occupancy by the Department of Human Services (DHS), this office is an expansion and co-location of several services provided by DHS, including Child Welfare, Self-Sufficiency, and Vocational Rehabilitation at one site. DHS provides direct services to more than one million Oregonians each year, with a legislatively approved 2021 – 2023 budget of $18.38 billion, amounting to approximately 16% of the State’s total budget.
DHS Corvallis is situated on a 4.83-acre parcel of land in close proximity to additional community agencies, programs, and services. The property is located 1.5 miles from the Oregon State University campus, the largest university in Oregon with over 37,000 students, and within three miles of downtown Corvallis.
