BEAVERTON, OR—Starwood Capital Group hasacquired, on behalf of Starwood Global Opportunity Fund X,Cornell Oaks Corporate Center andCreekside Corporate Park—two office parkscomprising 18 office and flex R&D properties here. Terms of thetransaction were not disclosed.

The office parks totaling 1.2 million square feet are located inthe Sunset Corridor and Highway 217 submarkets—two of the mostdesirable suburban markets in the Portland metropolitan area. Theportfolio is approximately 90% occupied, with a high-quality rosterof tenants from a diverse pool of industries.

"We are thrilled to capitalize upon the rare opportunity toacquire a sizable, institutional-quality office portfolio in thePortland area," said Mark Deason, senior vicepresident at Starwood Capital Group." Portland is experiencing aneconomic renaissance that, when coupled with one of the bestqualities of life in the country, has enabled it to be a magnet forcompanies and employees alike. We believe that this market iswell-positioned for continued growth and, with limited supply inthe pipeline, we are very excited to be a landlord here."