Bank of America office tower sells in downtown Richmond
A private investment group made up of principals from Washington, D.C., and New York City has purchased the Bank of America Center in downtown Richmond.
The sales price and identity of the buyer was not disclosed by Cushman & Wakefield | Thalhimer’s Capital Markets Group, the firm that brokered and announced the sale. Nor has the sale been recorded yet on city records.
The owner was an institutional investor, represented by Cornerstone Real Estate Advisers.
According to Thalhimer, the 513,479-square-foot building in the heart of the city’s financial district was 71 percent leased at the time of the sale. The deal is the latest in a series of turnovers among downtown office space that began in December. Since then, Gateway Plaza, Riverfront Plaza’s twin towers and the Williams Mullen Center have all changed owners.
Located at 1111 East Main Street, the Bank of America tower is close to the State Capitol, the Federal Reserve Bank of Richmond and the Supreme Court of Virginia.
The sale included two parking garages and an attached four-story office pavilion. Current major tenants include the Commonwealth of Virginia, Bank of America, Sands Anderson PC, McCandlish Holton, and DurretteCrump Law Firm.
Eric Robison, a senior vice president of Thalhimer’s Capital Markets Group, represented the seller in the transaction. “We’ve seen an insatiable investor interest recently in Richmond,” he said, “for best-in-market assets like the Williams Mullen building and Gateway Plaza as well as value-add opportunities like Bank of America Center where there are opportunities to improve returns through lease-up of vacant space.”