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.

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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.

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"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."

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With its strong macroeconomic fundamentals, Portland has beenone of the fastest-growing West Coast economies over the pastdecade., Starwood says. The area has one of the highest netmigration rates in the United States and recent job growth has alsobeen among the strongest on the West Coast.

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"Portland has the lowest overall vacancy rate of any majoroffice market in the United States. The Westside suburbs where thisportfolio is located have experienced exceptionally robust demand,accounting for 75% of all office leasing activity for Portland in2013 despite making up just one-third of the total officeinventory," said Sam Caven, vice president atStarwood Capital Group. "We are excited to expand our presence inPortland through this acquisition, and to add these assets to ourgrowing portfolio of office properties throughout the world."

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Starwood Capital Group, Headquartered in Greenwich, CT, is aprivate investment firm with a core focus on global realestate.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.