DRA Advisors Buys Triangle Corporate Park in Shift to Suburbs

KBS recently sold Triangle Corporate Park III, a five-story 127,504-square-foot class-A office tower in Tigard, OR. The property was purchased by a fund managed by DRA Advisors for $27 million.

“The Portland market has been experiencing a recent shift in demand from the urban core to the suburbs by active office tenants,” says Gio Cordoves, regional president, Western U.S. at KBS Realty Advisors. “This asset is successfully positioned amidst the metro’s most highly sought-after suburban locations.”

KBS originally purchased Triangle Corporate Park III in 2005. Built in 1999 with a history of institutional ownership, the asset today consists of 127,504 square feet of office space. The confluence of Tigard and Kruse Way is an active suburban office market, contributing to steady high occupancy at the property, notes Brent Carroll, asset manager for Triangle Corporate Park III and senior vice president of KBS.

“The Tigard and Kruse Way submarkets have consistently been ranked as the best suburban markets in the Portland area, demonstrated by consistent rent growth and strong leasing activity,” says Carroll. “As KBS identified this strength early on, Triangle Corporate Park III has been very well occupied during our ownership, experiencing numerous expansions and renewals among tenants over time.”