Main Street Tower in Norfolk sells for more than $18.5 million

Published August 6, 2018 by Veronica Garabelli

A 14-story office tower in downtown Norfolk has sold for $18.55 million, according to Cushman & Wakefield | Thalhimer.

A Chicago-based investment fund bought the 199,621-square-foot property at 300 E. Main St. The building is 73 percent leased by seven tenants. The U.S. Coast Guard occupies the majority of the space — 65 percent. The tower includes an underground parking garage and ground-level lobby with updated features and reception area.
The sale was completed by Eric Robison of Thalhimer’s Capital Markets Group. He was assisted by office leasing broker Rob Wright of Cushman & Wakefield | Thalhimer’s Hampton Roads office.

“There was a significant amount of interest in this opportunity due to the strength of the Coast Guard lease and the tremendous momentum in the downtown Norfolk market,” Robison said in a statement. “The purchaser’s familiarity with GSA leases and understanding of the positive dynamics in the Norfolk CBD will ensure a successful future for Main Street Tower.”