Insignia Well Ahead on Leasing Up Sun Tech Corporate Park

HILLSBORO, OR-SunTech Corporate Park was a four-building, 301,000-sf speculative flex-office development that Insignia Commercial Investment Group hoped would be 50% preleased upon completion. Still several weeks from being finished, the project is about 75% preleased and activity remains strong, says Insignia’s leasing manager Colby Holley.

Sun Microsystems, which scooped up the first 90,000-sf building prior to completion, also has snagged one of the two 65,000-sf second phase buildings, says Holley. Software maker Merant took down the other, a two-story product. The third building, an 83,000-sf one-story building, remains available. “We believe it’s the largest contiguous one-floor flex-office space available in Portland,” says Holley.

The land for the entire project–just under 25 acres–was acquired in June of 2000 from Standard Insurance for a hair over $4 per sf. Six months later, on Dec. 21, Sun was moving into the $20 million first phase. “Everybody involved said they broke all development records,” says Holley.