The three-building, 1 million-square-foot James Center at 901, 1021 and 1051 E. Cary St.
A major chunk of downtown office space is now in the hands of one of Richmond’s most well-known businessmen and philanthropists.
Bill Goodwin’s Riverstone Properties is the new owner of the James Center, a three-building office complex encompassing nearly 1 million square feet at 901, 1021 and 1051 E. Cary St.
The deal closed Thursday with a sale price of $108 million, according to the firm.
James Center was put on the market in September by LNR, a commercial loan servicer that took control of the buildings for a lender owed $150 million by the previous owner. That lender pushed for foreclosure, but ultimately was handed the deeds in lieu of foreclosure.
The properties were listed without a formal asking price.
The complex was placed under contract in November, according to an online listing from Pittsburgh-based brokerage Holliday Fenoglio Fowler, however the buyer was not identified at the time.
James Center’s three buildings have nearly 330,000 square feet of vacant space between them, fueled largely by One James Center’s 213,000 and Three James Center’s 98,000 square feet of available space, according to HFF’s flier notes.
Current long-term tenants in the buildings include Virginia Economic Development Partners, Connecticut General Life and Wells Fargo.
Stay tuned to BizSense tomorrow for more on this deal, including details on the renovations Riverstone may have planned for the 30-year-old buildings.
The three-building, 1 million-square-foot James Center at 901, 1021 and 1051 E. Cary St.
A major chunk of downtown office space is now in the hands of one of Richmond’s most well-known businessmen and philanthropists.
Bill Goodwin’s Riverstone Properties is the new owner of the James Center, a three-building office complex encompassing nearly 1 million square feet at 901, 1021 and 1051 E. Cary St.
The deal closed Thursday with a sale price of $108 million, according to the firm.
James Center was put on the market in September by LNR, a commercial loan servicer that took control of the buildings for a lender owed $150 million by the previous owner. That lender pushed for foreclosure, but ultimately was handed the deeds in lieu of foreclosure.
The properties were listed without a formal asking price.
The complex was placed under contract in November, according to an online listing from Pittsburgh-based brokerage Holliday Fenoglio Fowler, however the buyer was not identified at the time.
James Center’s three buildings have nearly 330,000 square feet of vacant space between them, fueled largely by One James Center’s 213,000 and Three James Center’s 98,000 square feet of available space, according to HFF’s flier notes.
Current long-term tenants in the buildings include Virginia Economic Development Partners, Connecticut General Life and Wells Fargo.
Stay tuned to BizSense tomorrow for more on this deal, including details on the renovations Riverstone may have planned for the 30-year-old buildings.
We desperately need 1800′ – 2500′ condos in the downtown area.