Gordon King, the senior director at Cushman & Wakefield who represented Timberline, told GlobeSt.com the company was lucky to find nearby space. "The growth (in the Sunset Corridor) has surprised everyone," he said. "All of us thought there was a two- or three-year oversupply not too long ago; now, this was the only quality space we could find, and we were in a race for it."
In the first quarter, the Sunset Corridor saw 500,000 sf of multi-tenant, multi-story office absorption, said King. "That used to be the total for (the entire city of Portland) five or six years ago," he quipped. With quality spaces few and far between, Timberline will use its newly leased space as its long-term overflow annex.
Timberline's customer service division will move into the Summit Building annex first, said King, while the company thinks about stepping up new construction efforts. Prudential, which owns just the one building at Cornell Oaks, was represented by Grubb & Ellis.
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