- For Sale $4,950,000
- Property Type Office
- Property Size 25,884 SF
- Lot Size 0.46 Acre
- Year Built 2007
- Date Updated Jul 16, 2026
Description
An immediate opportunity exists to acquire a 25,884 SF commercial
condominium comprised of the top two floors of Portland’s DeSoto
Building, home to LRS Architects since 2007. With just over two years
remaining on the LRS lease, a new owner will have the option to either
pursue a renewal of lease with LRS Architects, re-lease to a different
tenant, or alternatively utilize the space itself as an owner-user in fall
of 2027. Regardless of what direction a new owner decides to take in
the future, however, they will do so enjoying an immediate 11.55% cap
rate return for the next two years.
Opened in 2007 as one of Portland’s most successful adaptive re-use
projects and spectacular commercial condominiums, the DeSoto
Building has enjoyed little turnover in ownership in its nearly 20 years
of operation. The owner's association holds 51% building ownership,
which gives majority control of condominium association. With only five
other owners comprising the owner’s association (including a museum,
photography studio, and two galleries), the DeSoto Building provides
a terrific investment that’s easy to operate.
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