A new high bar has been set on the per-acre price for land in the city — and it didn’t happen in Scott’s Addition or Manchester.
CoStar Group last week purchased 600 Tredegar St. for $20 million, city property records show.
The downtown riverfront property is roughly four acres, amounting to about $5 million an acre. That eclipses recent highs of more than $2 million an acre in other sought-after neighborhoods elsewhere in the city.
The grassy plot, which sits across from Brown’s Island and adjacent to CoStar’s office at the WestRock building, was most recently assessed by the city at $17 million. The seller in the deal was an entity tied to NewMarket Corp., a publicly traded petrochemical firm that has owned the land for decades.
The deal was recorded by the city on Aug. 17, about a month after BizSense first reported that CoStar had it under contract and was planning an office tower for the site.
CoStar did not respond to a request for comment by press time.
Since arriving in Richmond about four years ago, the commercial real estate data company has planted about 1,000 jobs in Richmond and filled much of the WestRock building. The firm’s headquarters remain in Washington, D.C.
CoStar had previously announced its intentions to occupy a 400,000-square-foot office building in the proposed Navy Hill development, which has since been killed by the City Council.
NewMarket continues to own much of the land surrounding the Tredegar Street plot, including the nearby Tredegar Iron Works site, a 9-acre plot that’s also home to the American Civil War Museum. Earlier this summer, NewMarket filed a rezoning application for the site, a preemptive measure that would make the land’s zoning consistent with the Richmond 300 master plan.