The Bank of America Center at 1111 E. Main St.
The 508,000-square-foot, 24-story property sold for around $42 million, according to sources familiar with the deal. The exact identity of the buyer could not be confirmed, and the transaction has not yet been recorded in city records. The property had been under contract since late last year.
Broker Eric Robison of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller, a lender represented by Connecticut-based Cornerstone Real Estate Advisors.
Robison would not identify the buyer, describing it only as a private, out-of-town investment group. He also would not confirm the sale price.
“(Cornerstone) represented the previous lender on this property, along with 12 other properties, and a number of those assets are being sold in other markets,” Robison said. “They decided this past year that it was time to take (the Bank of America Center) to the market.”
This latest deal was the smallest in a series of sales of downtown office space that started in December. Gateway Plaza, Riverfront Plaza’s twin towers and the Williams Mullen Center all changed hands during that time. Including the Bank of America Center transaction, the deals amount to a total of $372 million.
In addition to its namesake bank, the Bank of America Center’s tenant list includes law firms Sands Anderson, McCandlish Holton and Bowman & Brooke and the Virginia Resources Authority. It is currently about 70 percent occupied.
“There’s some upside with some vacancy in this building, and I think the asset competes well even though there is some other vacancy (downtown),” Robison said. “The owner has a vision for a property that will help it to compete with some of the other vacancies very favorably.”
The sale continues a recent spree of downtown tower news. Dominion Realty Partners has plans for a new 21-story tower at 10th and East Byrd streets for anchor tenant SunTrust, and Dominion Resources is preparing to build a new tower of its own at 111 S. Sixth St.
And elsewhere downtown, used car retailer CarMax is adding an office in the Lady Byrd Hat building on the canal.
The Bank of America Center at 1111 E. Main St.
The 508,000-square-foot, 24-story property sold for around $42 million, according to sources familiar with the deal. The exact identity of the buyer could not be confirmed, and the transaction has not yet been recorded in city records. The property had been under contract since late last year.
Broker Eric Robison of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller, a lender represented by Connecticut-based Cornerstone Real Estate Advisors.
Robison would not identify the buyer, describing it only as a private, out-of-town investment group. He also would not confirm the sale price.
“(Cornerstone) represented the previous lender on this property, along with 12 other properties, and a number of those assets are being sold in other markets,” Robison said. “They decided this past year that it was time to take (the Bank of America Center) to the market.”
This latest deal was the smallest in a series of sales of downtown office space that started in December. Gateway Plaza, Riverfront Plaza’s twin towers and the Williams Mullen Center all changed hands during that time. Including the Bank of America Center transaction, the deals amount to a total of $372 million.
In addition to its namesake bank, the Bank of America Center’s tenant list includes law firms Sands Anderson, McCandlish Holton and Bowman & Brooke and the Virginia Resources Authority. It is currently about 70 percent occupied.
“There’s some upside with some vacancy in this building, and I think the asset competes well even though there is some other vacancy (downtown),” Robison said. “The owner has a vision for a property that will help it to compete with some of the other vacancies very favorably.”
The sale continues a recent spree of downtown tower news. Dominion Realty Partners has plans for a new 21-story tower at 10th and East Byrd streets for anchor tenant SunTrust, and Dominion Resources is preparing to build a new tower of its own at 111 S. Sixth St.
And elsewhere downtown, used car retailer CarMax is adding an office in the Lady Byrd Hat building on the canal.