James Center is JEMB's first foray into the Richmond market. A company source tells GlobeSt.com JEMB plans to invest another $10 million in the building to pay for common area upgrades, leasing commissions and tenant improvements.
JEMB's acquisition strategy is to identify emerging markets and purchase the dominant assets within the developing districts. JEMB Realty principal Joseph Jerome says the 28 million-sf Richmond office market, which experienced positive net absorption in 2004, is supply constrained for tenants seeking large blocks of quality office space.
JEMB's deal for James Center includes air rights and additional development areas that provide it the option to add square footage. Jerome says the developable land could be built up with office or residential.
JEMB owns and operates about 6.2 million sf. Its recent focus has been on Montreal. Since purchasing its first property there in 1998, the 1 million-sf Place Dupuis, the company has added four additional assets in Montreal: the Montreal Tower, part of the Olympic Park Complex; 1200 McGill College; 5100 Sherbrooke East; and 888 Maisonneuve East. Additionally, JEMB is developing Ilot Voyageur, a 1.4 million-sf multi-use facility featuring student residences, underground parking, office, retail, and a student pavilion for the Université du Québec à Montréal situated in downtown Montreal.
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