The Virginia Workers’ Compensation Commission purchased 333 E. Franklin St. for $20.4 million. (BizSense file photo)
A local developer has pulled off a multimillion-dollar flip on a downtown office building in barely a year’s time.
Hourigan Development last week sold the former Media General building at 333 E. Franklin St. to the Virginia Workers’ Compensation Commission for $20.4 million.
Hourigan paid $13 million for the 125,000-square-foot property last summer, then promptly renovated and leased it to the commission. The nearly 300-person state agency moved into the space December 2017.
The sale closed June 4, according to city records.
Hourigan CEO Mark Hourigan did not return a call seeking comment Monday.
Prior to the state agency moving in, the building housed the headquarters for TV station conglomerate Media General before its merger with Nexstar Media Group.
The Virginia Workers’ Compensation Commission purchased 333 E. Franklin St. for $20.4 million. (BizSense file photo)
A local developer has pulled off a multimillion-dollar flip on a downtown office building in barely a year’s time.
Hourigan Development last week sold the former Media General building at 333 E. Franklin St. to the Virginia Workers’ Compensation Commission for $20.4 million.
Hourigan paid $13 million for the 125,000-square-foot property last summer, then promptly renovated and leased it to the commission. The nearly 300-person state agency moved into the space December 2017.
The sale closed June 4, according to city records.
Hourigan CEO Mark Hourigan did not return a call seeking comment Monday.
Prior to the state agency moving in, the building housed the headquarters for TV station conglomerate Media General before its merger with Nexstar Media Group.
They did not put $7 million in renovations into it I am sure of that! Kudos on ripping of taxpayers. A 10-15% profit after 9 months of ownership.
Do you know Ron Melcon?
My first instinct is to feel raw about it as well, but that’s emotional thinking, not rational.
Given that it’s now government owned, I’d imagine they are saving $10,000/mo in taxes alone, at the previous value of $10M. Do we know if they are paying less in new mortgage that previous rent? Do you know how much Hourigan spent renovating 125,000 sq ft?
The irony is that the Dodson family has steadily ripped off students and businesses for years. Aren’t you guys in real estate? Everyone has a right to make money, honey.
Come on Ashley! Are you trolling me again? I know Michael, but he’s not related to me or Dodson Prop Mgmt in any way. Not sure who you think the “Dodson Family” is, but I don’t even have any relatives in Richmond! What did I do to you to make you so mad?
Hourigan invested in a property downtown, made a profit, and they may be better able to invest in another property in the city. What’s bad about that? Now I wish less property in Richmond was government/non-profit owned, but this agency had to move somewhere and they likely did not have to remain inside city limits. Let’s do a better job of picking things to criticize. This deal seems okay, especially compared to what DGS paid for Main Street Centre at 600 E Main.
Michael What a moronic thing to say, you have no idea how the deal was structured, any of the details and no one forced VWCC to purchase the building. If it is how you state a rip off of taxpayers money, then be upset with VWCC, they are the ones who spent taxpayer dollars not Hourigan.