Main Street Tower Sells, Finally

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.