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The Regal Lloyd Mall 8 will close at the end of the month and be turned into office space.

(Newmark Grubb Knight Frank)

Coming soon to a theater near you: an unusual office redevelopment.



The Regal 8 movie theater at the Lloyd Center will close by the end of the month and be transformed into office space, said David Squire, managing director at brokerage Newmark Grubb Knight Frank in Portland. The firm is marketing the out-of-the-big-box office space to potential tenants.



The plans were first reported by the Daily Journal of Commerce.



The Lloyd Center is undergoing a $50 million renovation at the hands of Cypress Equities, the Dallas real estate company that bought the mall in 2013. Among the changes are new pedestrian entrances and a reconfigured ice rink.



The mall was in the awkward position of being home to two theaters -- the Regal 8, which is attached to the mall, and the Regal Lloyd Center 10 & IMAX on a site across the street.



"When they acquired the site ... they knew they weren't going to keep them both, that they were probably going to be closing that one down," Squire said.



Retail likely wouldn't work on the third floor, so office made sense, Squire said. The Lloyd District has few large blocks of office space available and several tenans looking. And the mall has access to transit and ample parking.



With a 30,000-square-foot floorplate and a 10,000-square-foot mezzanine, the former theater will likely only work for one large tenant, Squire said -- a call center, perhaps, or a tech company.



-- Elliot Njus



enjus@oregonian.com

503-294-5034

@enjus





