Turner Engineering agrees to lease of former Panasonic space

VANCOUVER, Wash. – Turner Engineering Company – also known as TECO – has signed a lease with the Port of Vancouver USA to move its operations into a portion of the former Panasonic complex at the port.

“We welcome Turner Engineering into the port’s industrial tenant family,” said Port of Vancouver Executive Director Larry Paulson. “While TECO is not a company that’s new to Vancouver, the opportunity they had to gain more space and keep their 40 or so jobs in this community was important, and it is a great fit with the port’s mission.”

Turner Engineering is moving from Columbia Business Center into a space that initially stands at 59,400 square feet. Turner Engineering has the right of first refusal to expand into the remaining 83,400 square feet in the 142,800 square foot 2001 Building.

The premises will be used for office, manufacturing, warehousing, distribution, and assembly of steel conveyor systems and related projects.

The term of the lease is six years and five days, effective May 26, 2009 and expiring on May 31, 2015. There are two five-year options to extend. Income to the port during the initial lease term will be $1,515,452 plus leasehold excise tax, insurance, common area maintenance fees and rail wheelage fees.

About the Port of Vancouver USA
The Port of Vancouver USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

The Port of Vancouver is embarking on a year full of projects and developments that will lead to vital job creation, economic stimulation and environmental preservation. By diversifying its cargo mix between bulk commodities, breakbulk and project cargos, the port is responsible for job generation and significant contributions to the tax base for not only its own community, but also the state of Washington. Current expansion of the port’s rail system and development of new port industrial and marine properties will bring new jobs – both short term and long term – and the preservation of wetlands, the creation of enhanced wildlife habitat, and make way for more green/sustainable business partners operating from the port. For more information, please visit us at www.portvanusa.com.

– POV –

At A Glance

Who: Turner Engineering Company & Port of Vancouver
What: New lease for part of the Panasonic complex
When: June 10, 2009
Where: 2001 Kotobuki Way, Vancouver, WA 98660
Quick Facts: Turner Engineering will be moving into a space that amounts to 59,400 square feet in one of the former Panasonic buildings at the port … TECO’s operations will remain in Vancouver, keeping 40 jobs in the community … This replaces nearly half of the jobs hosted in the two-building Panasonic complex when it closed in 2008. Panasonic jobs peaked at 300-400 before the 2008 closing.