PS Biz Parks Buys Cornell Oaks for $87.5 Mil

BEAVERTON, OR-Owner Talcott Realty knocked $18 million off its asking price and sold the vast majority of Cornell Oaks — 684,554 sf in 12 buildings on 55 acres and 24 acres of developable land — to PS Business Parks for $87.5 million, according to unofficial reports Tuesday afternoon.

Neither PS nor Norris Beggs & Simpson, the brokerage firm representing Hartford, CT-based Talcott, would release information regarding the transaction. A spokeswoman for NBS tells GlobeSt.com “a press release about that will go out Monday.” Eileen Newkirk, a locally based vice president with PS, did not return a phone call seeking comment.

Chris Johnson, the broker with NBS that has been marketing the property since the spring with partner Gene Bentley, told GlobeSt.com a few weeks back that PS Business Parks had pulled out of the purchase and that Talcott had taken the property off the market. He did not return calls yesterday seeking further comment.