CBRE announces leases in Bank of America Center in Richmond
The Bank of America Center in downtown Richmond attracted more than 187,000 square feet of leasing in deals over the past 12 months.
According to CBRE/Richmond, the 540,812-square-foot building had 97,734 square feet of new leases and 89,558 of renewals signed since January 2012. Tenants that renewed or expanded include McCandlish Holton PC, Virginia State Bar, Cannella & O’Neal and Sands Anderson.
Since 2011 the owner, an institutional investor represented by Cornerstone Real Estate Advisers, has spent more than $10 million on renovations including an overhaul of the elevators and two parking decks. Plans are underway to upgrade and expand the conference facility and renovate the elevator lobbies and bathrooms.
The Bank of America Center at 1111 East Main St. offers a central downtown location with views of the James River, State Capitol and Shockoe Valley. Rental rates range from $18 to $ 19.75.
CBRE/Richmond’s Malcolm Randolph and Scott Durham handle the property's leasing, and CBRE/Richmond handles the property management on behalf of the owner.
According to CBRE's market research, the office vacancy rate in Richmond was 13.7 percent at the end of 2013, an improvement from 2012's rate of 14.8 percent. The market realized positive net absorption of 313,330 square feet in 2013.