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20-Story Office Tower Brings in $51M

NORFOLK, VA-The 225,000-sf office building at 150 W. Main St. comes under new ownership, courtesy of a deal valued at $51 million. The 20-story tower, which is nearly fully leased, was developed four years ago at a cost of $40 million.

By Barbra Murray | Updated on February 09, 2006

NORFOLK, VA-Ownership of the office building at 150 W. Main St. in the Hampton Roads submarket has changed hands in a $51-million transaction. The St. Joe Co. acquired the 225,000-sf structure from investment group 100 Main Street LLC, a Robinson Development Group Inc. affiliate.

The LLC developed the CMSS Architects-designed property in partnership with the City of Norfolk in 2002 at a cost of approximately $40 million. CB Richard Ellis, a tenant in the class A building since its completion, orchestrated the transaction.

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