Capitol Center
100% Occupied; Reed at 96%

Roger Yost with some of the Reed's new mural artwork Photo By: Tim King

(SALEM) - When Attorney Jennifer Perez, John Reed`s Vocational Services and the Wells Fargo Bank signed leases at the Capitol Center this month, an historic milestone was reached: For the first time in more than 25 years, Salem`s tallest office building is 100% occupied.

`It could very well be the only time the building has been completely full," says Owner Roger Yost, `but our occupancy records only go back to the early 1980s."

Ted Pikes of Mountain West Jennings, who manages the property for Yost, believes a 96% occupancy in the mid-90s was the highest previous record level for the 40,000 square foot building.

The Capitol Center, an 11-story structure built in 1927 by Thomas A. Livesley to house the First National Bank, was about 31% vacant when Yost purchased the building in April 2003, and full-floor tenant Copper Mountain relocated to Portland.

Since personally taking over the leasing of the property, Yost has attracted a a steady influx of new tenants. They include brokerage firms Piper Jaffray and Morgan Stanley; the VanderMay, Kristin LaMont and Arthur Klosterman law firms; Chuck Jacobsen Real Estate, and more recently, Art Gallery Owner Mary Lou Zeek.

Add 1 Downtown Occupancy Up

Yost was equally proud of the extremely high percentage of lease renewals the Capitol Center has enjoyed. Longtime tenants Swanson, Lathen, Alexander and McCann PC; Deffenbaugh and Associates, and Ameriprise are among those extending leases in the last year. Yost attributes the influx to the unique character of the building, its many recent upgrades, and a renewed interest in the Downtown Historic District.

The Reed Opera House, another Yost property, enjoys a record 96% occupancy, and has a waiting list for retail spaces. `Downtown has definitely recovered from the malaise that set in during the late 90s and was exacerbated by 9/11," Yost declared. He expects the growth to continue as residential units under construction add a totally new dimension to the area.