Search
 

Main Street Tower Sells, Finally

NORFOLK, VA-After nearly three years on the market, the 14-story, class A Main Street Tower finally gets a new owner in BGK Properties. The asking price for the high-rise as of a year ago was about $18 million.

By Barbra Murray | Updated on April 19, 2002

NORFOLK, VA-The Main Street Tower, a 186,450-sf, class A office structure in the heart of the city’s downtown has been sold by Las Vegas-based Neva Properties LTD to BGK Properties. While terms of the transaction have not been released, the owner’s asking price as of a year ago was $18 million, at which time the high-rise carried an assessed value of $16 million.

Located at 300 E. Main St., the 14-story, blue-glass adorned building’s construction began back in 1988 and was destined to be called First American Financial Centre until financial problems struck and the structure was left unfinished. NeVa acquired the incomplete edifice in 1993 for $2.5 million and invested $6 million to finish the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.