BEAVERTON, OR—Starwood Capital Group has acquired, on behalf of Starwood Global Opportunity Fund X, Cornell Oaks Corporate Center and Creekside Corporate Park—two office parks comprising 18 office and flex R&D properties here. Terms of the transaction were not disclosed.
The office parks totaling 1.2 million square feet are located in the Sunset Corridor and Highway 217 submarkets—two of the most desirable suburban markets in the Portland metropolitan area. The portfolio is approximately 90% occupied, with a high-quality roster of tenants from a diverse pool of industries.
"We are thrilled to capitalize upon the rare opportunity to acquire a sizable, institutional-quality office portfolio in the Portland area," said Mark Deason, senior vice president at Starwood Capital Group." Portland is experiencing an economic renaissance that, when coupled with one of the best qualities of life in the country, has enabled it to be a magnet for companies and employees alike. We believe that this market is well-positioned for continued growth and, with limited supply in the pipeline, we are very excited to be a landlord here."
With its strong macroeconomic fundamentals, Portland has been one of the fastest-growing West Coast economies over the past decade., Starwood says. The area has one of the highest net migration rates in the United States and recent job growth has also been among the strongest on the West Coast.
"Portland has the lowest overall vacancy rate of any major office market in the United States. The Westside suburbs where this portfolio is located have experienced exceptionally robust demand, accounting for 75% of all office leasing activity for Portland in 2013 despite making up just one-third of the total office inventory," said Sam Caven, vice president at Starwood Capital Group. "We are excited to expand our presence in Portland through this acquisition, and to add these assets to our growing portfolio of office properties throughout the world."
Starwood Capital Group, Headquartered in Greenwich, CT, is a private investment firm with a core focus on global real estate.
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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.
