Timberline Leases Overflow Space in Cornell Oaks

PORTLAND, OR—Revenues and earnings may be in a lull for Timberline Software Corp., but space needs are rising faster than the publicly traded company can build. Situated in Beaverton’s Cornell Oaks business park, Timberline had always planned to add another 40,000 sf to its current building and erect another next to it. The firm just didn’t plan to need it so soon. So to ease space needs, the maker of project management software locked into a long-term, $20-million lease for 50,000 sf in another park building owned by Prudential Insurance Co. of America.

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.”