Rivergate Corp. Center Sees 150,000-SF Lease

PORTLAND-Packaging Services Inc. has leased 150,000 sf at Rivergate Corporate Center I, a 488,125-sf complex completed in 2002 that has one other tenant and is now 50% leased. The new tenant is Packaging Services Inc. The building owner is Multi-Employer Property Trust.

The third-party logistics company took the remaining 100,000 SF in Building B, bringing it to full occupancy, and 50,000 SF in building A, which leaves a remaining availability of 288,125 SF. The lease term is less than three years in duration. The lease rate was not immediately available. The asking rate for the space is $0.33 on the shell with a $0.65 surcharge for office, of which the new lease requires only 1,000 sf.

Packaging Services was represented by Matt Stevenson of Colliers International. MEPT was represented in the transaction by Dave Ellis and John Fettig of Trammell Crow Co., which developed RCC I and RCC II, a fully-leased, 402,000-sf building that will be expanded to 600,000 sf sometime this year. Both buildings are built on land that was leased long-term from the Port of Portland.