Bank of America Operations Center sells for $38 million
The Bank of America Operations Center in Richmond has sold for $38 million. It was acquired by a group of investors put together by New York-based Longships Capital. In addition to Longships, the group consists of Homeward Angel and Prudent Richmond. Longships acquires and sells commercial net-leased properties.
The Cushman & Wakefield | Thalhimer’s Capital Markets Group, which brokered the sale, announced the transaction Thursday. It includes a corporate campus of more than 46 acres with five buildings totaling more than 700,000 square feet. Thalhimer said it represented an institutional client in the sale.
The buildings at 8011 Villa Park Drive, constructed between 1985 and 2008, are generally interconnected. The campus has infrastructure ranging from corporate offices, open work areas, a café and fitness facility as well as multiple raised-floor data halls and a standalone enterprise data center.
According to Thalhimer, the property is 100 percent leased by Bank of America through June 2022. The bank will continue its operations at the facility. The lease in place stipulates that Bank of America does not pay rent for the remainder of the current term and only contributes to operating expenses.
Eric Robison, senior vice president of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Cushman & Wakefield data center advisory Vice Chairman Scott Stein of San Jose, Calif., and Rick Ingwers and Brad Rogers with Cushman & Wakefield’s Corporate Finance and Investment Banking Team, completed the sale.
“This is a truly unique asset in the Richmond market and one that the Longships team recognized immediately as an exceptional opportunity to acquire an irreplaceable corporate campus at a basis significantly below replacement cost, “ Robison said in a statement.