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News release

PORTLAND, OR

Foreign Real Estate Capital Heads to Portland’s Suburbs

JLL closes sale of 1260 NW Waterhouse Avenue in Beaverton, OR, to Germany-based investor


PORTLAND, Ore., July 28, 2015 – According to JLL, foreign real estate investors are not limiting their interest to Portland’s iconic Skyline Properties and are increasingly eager to acquire well-leased suburban assets with strong tenancies.  JLL’s recent sale of Summit at Cornell Oaks, a Class A office property, located at 1260 NW Waterhouse Avenue in Beaverton, Oregon, is a case in point. 

Summit at Cornell Oaks was acquired by Zurich Alternative Asset Management, a wholly-owned subsidiary of Switzerland-based Zurich Insurance Group, for $13.2 million. Managing Director Buzz Ellis, SIOR and Senior Vice President Paige Morgan led the JLL team on the sales transaction.

“We’re seeing strong interest from commercial real estate investors in properties throughout the Portland metro with Class A suburban assets securing multiple bidders and strong pricing in the current market,” says Morgan.  “With foreign-based investors now scouring the market, that’s a strong indication that our office market is attracting a large proportion of strong credit tenants with global brand visibility,” she adds.

Columbia Sportswear, which occupies over 75 percent of Summit at Cornell Oaks, owns or leases nearly 400,000 square feet in the area and the property is also close to Nike’s world headquarters.  The property includes 268 surface parking spaces. The immediate neighbourhood includes restaurants, a 24-Hour Fitness and hotels, all within walking distance of Summit at Cornell Oaks. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.