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RICHMOND–The James Center, a three-tower office complex totaling one million square feet in Richmond's CBD, has found a new owner after having moved to LNR Properties last September. The locally-based Riverstone Properties bought the buildings for $108 million, free and clear of existing debt.
The seller was represented by HFF's Ryan Clutter, Dek Potts, Scot Humphrey and Christopher Lingerfelt.
The James Center consists of the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center. They were developed in 1985.
Riverstone principals Jeff Galanti and Chris Corrada told RichmondBizSense that the property had been neglected for some time and that they plan to spend “tens of millions of dollars” updating the buildings and growing the tenant base.
The reason for the purchase, according to Galanti, was the momentum underway in the downtown market. “[T]his was a strategic purchase,” he told the publication.
Despite the capital investment required to upgrade the buildings, there were many bidders.
“The James Center was one of the most competitively pursued assets we have marketed this year, and it received significant interest from a deep pool of institutional and private capital,” HFF's Lingerfelt said in a prepared statement. “The three office towers are staples of the Richmond skyline and offer a tremendous opportunity to acquire substantial critical mass in the Richmond CBD.”
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RICHMOND–The James Center, a three-tower office complex totaling one million square feet in Richmond's CBD, has found a new owner after having moved to LNR Properties last September. The locally-based Riverstone Properties bought the buildings for $108 million, free and clear of existing debt.
The seller was represented by HFF's Ryan Clutter, Dek Potts, Scot Humphrey and Christopher Lingerfelt.
The James Center consists of the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center. They were developed in 1985.
Riverstone principals Jeff Galanti and Chris Corrada told RichmondBizSense that the property had been neglected for some time and that they plan to spend “tens of millions of dollars” updating the buildings and growing the tenant base.
The reason for the purchase, according to Galanti, was the momentum underway in the downtown market. “[T]his was a strategic purchase,” he told the publication.
Despite the capital investment required to upgrade the buildings, there were many bidders.
“The James Center was one of the most competitively pursued assets we have marketed this year, and it received significant interest from a deep pool of institutional and private capital,” HFF's Lingerfelt said in a prepared statement. “The three office towers are staples of the Richmond skyline and offer a tremendous opportunity to acquire substantial critical mass in the Richmond CBD.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
