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German Fund Closes 947,000-SF Office Buy for $247M

RICHMOND, VA-Haus-Invest Global buys the Riverfront Plaza here from Boston Properties. The two-tower trophy property is 98% leased.

By Brian K. Miller | Updated on June 08, 2005

RICHMOND, VA-The two-tower 947,000-sf Riverfront Plaza office complex here has changed hands for $247.1 million. The new owner is Haus-Invest Global, a German open-end fund. The seller was Boston Properties Inc. The fund’s US advisor HRO Asset Management says the two 21-story towers have dominated the class A Richmond office market since it was built in 1990, achieving the highest rents in the market and maintaining an average occupancy of over 95%. Frank Poerschke of fund manager Commerz Grundbesitz-Investmentgesellschaft mbH (CGI) says the majority of the building is under long-term leases with contractual rent steps. The anchor tenants are Hunton & Williams LLP, the largest law firm in the southeast, and Wachovia Securities. Eastdil Realty had the disposition assignment for Boston Properties. Met Life provided long-term financing for the acquisition. HRO’s Thomas Nye was not immediately available Wednesday for further comment on the transaction.In the last twelve months, HRO has acquired three properties worth $835 million on behalf of Haus-Invest Global. The other two acquisitions were Manhattan Mall in New York City and Reliant Energy Plaza in Houston, Texas.

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