RE: Portland Lease

What would be the cost of moving etc - all the new infrastructure etc. When you say cheaper what do you mean - all in including moving etc.

We obviously have the same issue here but cannot on a cost benefit analysis afford to move.

-----Original Message-----
From: Belden, Tim
Sent: Thursday, January 31, 2002 4:27 PM
To: Whalley, Greg; Kitchen, Louise
Subject: Portland Lease

I had a brief discussion with Marcus Buergler on Tuesday regarding the Portland space. I indicated to him that our desire would be to move, but that we would need the current space for a short period until other arraingements can be made. In the last two days we have done some research and think that we can get a better space for less money. On top of that, there are roughly $600k worth of improvements (separating from PGE) that need to be made here that may not be required in a new sapce.

Based on my very brief discussion with Marcus on Tuesday, I was not aware that we wre heading down a path that would force us to stay in this building. I learned today that the Estate has accepted the PGE lease for this space and that we have to stay here. This is very depressing if it is true.

From a money point of view I don't think that it is the best decsion. More importantly, from a morale point of view this place is horrible. We have 15,000 square feet when we need between 5,000 and 10,000. It is absolutely depressing here. People are very much in favor of moving.

Please advise.