Williams Mullen Center deal closes

The developer of the Williams Mullen Center is unloading the property. Photos by Evelyn Rupert.

The developer of the Williams Mullen Center has unloaded the property. Photo by Evelyn Rupert.

Another downtown office tower has changed hands.

The 15-story Williams Mullen Center at 200 S. 10th St. sold last week in a $78 million deal. It follows the sale of Gateway Plaza and Riverfront Plaza, which both sold in December.

The seller of the Williams Mullen Center was Virginia Beach-based real estate firm Armada Hoffler Properties, which developed the building in 2010 and announced in December it was under contract.

The buyer was identified only as Kireland South 10th Street LLC, which traces back to an office in Aventura, Florida. Kireland is associated with various other LLCs, none of which indicate who exactly is behind them. City records have not yet updated to reflect the sale.

The name of the LLC was disclosed by Washington, D.C.-based Holliday Fenoglio Fowler LP, which represented Armada Hoffler. Stephen Conley of HFF did not return requests for comment.

Florida-based Butters Construction and Development acted as an adviser to the buyer. Adam Vaisman, Butters’ director of acquisitions, said the deal closed Jan. 8. He would not say who exactly is behind the Kireland LLC.

“It was an attractive deal with a strong tenant and location and nice architecture on the asset,” he said. “It’s a high-quality asset, so it checked a lot of boxes that we were looking for.”

The 207,000-square-foot office tower is 98 percent leased, and local law firm Williams Mullen occupies 82 percent of the space. The firm’s presence in the building will not be affected by the sale.

Kireland was also advised in the deal by Richard Ostrovsky of MEK Management Services Inc. Ostrovsky could not be reached for comment.

The sales of the Williams Mullen Center, Gateway Plaza and Riverfront Plaza have a combined price tag of $330 million.

Riverfront Plaza sold for $147.5 million to California-based Hertz Investment Group. Gateway Plaza sold for $104.5 million to New York-based Lexington Realty Trust.

At least one other large downtown building, the Bank of America Center, is currently under contract to an unknown buyer.

The developer of the Williams Mullen Center is unloading the property. Photos by Evelyn Rupert.

The developer of the Williams Mullen Center has unloaded the property. Photo by Evelyn Rupert.

Another downtown office tower has changed hands.

The 15-story Williams Mullen Center at 200 S. 10th St. sold last week in a $78 million deal. It follows the sale of Gateway Plaza and Riverfront Plaza, which both sold in December.

The seller of the Williams Mullen Center was Virginia Beach-based real estate firm Armada Hoffler Properties, which developed the building in 2010 and announced in December it was under contract.

The buyer was identified only as Kireland South 10th Street LLC, which traces back to an office in Aventura, Florida. Kireland is associated with various other LLCs, none of which indicate who exactly is behind them. City records have not yet updated to reflect the sale.

The name of the LLC was disclosed by Washington, D.C.-based Holliday Fenoglio Fowler LP, which represented Armada Hoffler. Stephen Conley of HFF did not return requests for comment.

Florida-based Butters Construction and Development acted as an adviser to the buyer. Adam Vaisman, Butters’ director of acquisitions, said the deal closed Jan. 8. He would not say who exactly is behind the Kireland LLC.

“It was an attractive deal with a strong tenant and location and nice architecture on the asset,” he said. “It’s a high-quality asset, so it checked a lot of boxes that we were looking for.”

The 207,000-square-foot office tower is 98 percent leased, and local law firm Williams Mullen occupies 82 percent of the space. The firm’s presence in the building will not be affected by the sale.

Kireland was also advised in the deal by Richard Ostrovsky of MEK Management Services Inc. Ostrovsky could not be reached for comment.

The sales of the Williams Mullen Center, Gateway Plaza and Riverfront Plaza have a combined price tag of $330 million.

Riverfront Plaza sold for $147.5 million to California-based Hertz Investment Group. Gateway Plaza sold for $104.5 million to New York-based Lexington Realty Trust.

At least one other large downtown building, the Bank of America Center, is currently under contract to an unknown buyer.

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