Harsch Investment Buys Riviera Plaza from Louis Dreyfus for $21.9M

PORTLAND-Harsch Investment has acquired the 160,000-sf Riviera Plaza office building in Downtown Portland from Louis Dreyfus Property Group. The transaction closed escrow Oct. 8. The purchase price was $21.9 million, or $136.87 per sf.

Louis Dreyfus purchased the 31-year-old building in August of 1998 for $9.5 million, or $73 per sf. In 2000, the company added a floor to the structure, replaced the HVAC, replaced the aluminum exterior and generally refurbished and re-tenanted the building, which is 98% occupied with lease expirations generally three-to-five years out. Full service asking rents in the building are $19- to $21 per sf.

Don Rasmussen, owner of the Mercedes dealership on the ground floor of the building, signed a new 15-year lease this past summer. “After being his customer for years, now he’s a customer of ours,” quips Harsch Investment President Jordan Schnitzer, who spoke with GlobeSt.com about the deal. Other large tenants include Collins Pine Co., Western Medical Consultants, Compensation Systems Northwest, and Massachusetts Mutual.