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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.”

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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