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News release

PORTLAND, OR

Jones Lang LaSalle Completes 51,056 s.f. Lease at Tanasbourne Commerce Center in Hillsboro, Oregon

San Francisco-based video technology leader Grass Valley USA to move sales, engineering office from Beaverton to Hillsboro


Portland, Ore., August 20, 2012 — Jones Lang LaSalle (JLL) represented the landlord TC Hillsboro LLC in the lease of 51,056 square feet of office space to Grass Valley USA.  The lease covers an entire building at Tanasbourne Commerce Center II, located at 3030 Aloclek in Hillsboro, OR.  Grass Valley is expected to move from its current location at 15655 SW Greystone Court in Beaverton’s Woodside Corporate Park.

Mark McFarland and Andrew Rosengarten of Jones Lang LaSalle’s Portland office represented the landlord.  Grass Valley was represented by Roy Longman and Chris Elsenbach of Cresa. 

The four-building, 183,662 square foot Tanasbourne Commerce Center is located in the Sunset Corridor submarket of Portland on NW Aloclek Drive between NW Evergreen Way and NW Cornell Road and was purchased by the current ownership group in September 2011. Three of the buildings were 100% leased at the time of sale, with the office building at 3030 Aloclek vacant.  The Grass Valley lease brings the entire project to 100% leased.  Netflix, Inc. and Norm Thompson Outfitters occupy over 100,000 square feet. 

The Sunset Corridor is the third largest office submarket in the region with 5.3 million square feet of space, behind the CBD and 217 Corridor.   The market is dominated by high-tech, semiconductor and support-related companies, as well as apparel and sporting goods manufacturing, but there is a growing cluster of professional services, renewable energy and solar manufacturing companies expanding and influencing the market.  Lease activity in the Sunset Corridor office market has been positive for eight of the last nine quarters, pushing overall vacancy down significantly to its current 15.5%.  No new construction is expected in the area within the next several years, pointing to continuing market improvement. 

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.