April 02, 2019
Located at the eastern edge of the desirable Sunset Corridor, the class-A Cornell West office building has a consistent history of stable tenancy, making it a safe bet for institutional buyers, says its JLL lead broker.
BEAVERTON, OR—The Cornell West office building is 94% leased with rents approximately 10% below market. The 116,350-square-foot class-A building recently sold to Vista Investment Group for $22 million. With amenities such as bike racks, showers and locker rooms, a shared conference room and 417 parking stalls, the three-story building provides tenants a suburban work environment that is accessible from Highway 26 and Highway 217 within its location at 1500 NW Bethany Blvd.
JLL managing director Buzz Ellis led the JLL team on the sale. “Located at the eastern edge of the desirable Sunset Corridor, close to Portland and convenient to a number of higher-end residential neighborhoods, the property has a consistent history of stable tenancy, making it a safe bet for institutional buyers,” said Ellis. “Portland’s market fundamentals, coupled with Washington County’s growing population and employment forecast, provide Vista with a class-A asset well suited for the long term.”
Major tenants at Cornell West include OHSU, CoreLogic, Epic Imaging, Tualatin Valley Water District and Regus. The property is in close proximity to St. Vincent Hospital, Nike’s world headquarters, retailers, grocers and schools. And, the location provides access direct routes to downtown Portland.