First American Credco in at Opus' Cornell West

PORTLAND-First American Credco, the credit reporting unit of the publicly traded title giant First American Corp., has occupied 35,442-sf at Cornell West, a 120,000-sf suburban class A office building west of Downtown Portland at 158th and Northwest Cornell Road. Opus Northwest of the Opus Group owns the property.

The lease–with an estimated net effective rate of about $19 per sf, including several months of free rent and tenant improvement allowance of more than $30 per sf–is an expansion from the 22,000 sf it vacated in the Gerding Edlen-owned 4550 Macadam Building, a class B office building south of Downtown. First American’s space was backfilled by the building’s other tenant, FiServ Inc., which now leases the entire 50,000-sf building.

Local sources familiar with the transactions tell GlobeSt.com that FiServ was chomping at the bit to expand and bought out the waning months of First American Credco’s lease in order to seal the deal early. Sources also say First American Credco, despite having multiple suitors, was bound to end up in an Opus’ project because of the volume of business Opus pushes their way.