Three of Glen Forest Office Park’s buildings on Bayberry Court in Henrico. In total, the office park has 11 buildings. (Courtesy of Thalhimer)
One of the year’s largest office deals has been sealed, with Empire State and Emirati firms teaming for a leap into the Richmond market.
The Glen Forest Office Park, an 11-building portfolio totaling 567,000 square feet in western Henrico, sold last week for $87 million, according to county property records.
The buyer was a joint venture between New York-based Jack Sitt Real Estate and Dubai-based Gulf Islamic Investments. The seller was Brookfield Properties, another New York firm that bought the buildings in 2018 when it acquired Forest City Realty Trust.
The office park spans 84 acres across 11 different addresses near the intersection of Interstate 64 and Glenside Drive: 1700, 1800, 1801 and 1802 Bayberry Court; 7201 and 7275 Glen Forest Drive; 7100, 7229 and 7231 Forest Ave.; 2701 Emerywood Parkway; and 2601 Willard Road. The parcels were most recently assessed at a combined $81.8 million.
The buildings are home to 89 tenants, including Brink’s, law firms Kane Jefferies and MeyerGoergen, and tech consulting firm CapTech.
Glen Forest is the fifth real estate deal GII has struck in the U.S. The firm’s founding partners and co-CEOs Mohammed Alhassan and Pankaj Gupta said in an email Tuesday they were drawn to the deal because of “the property’s strategic location in Richmond and alongside a freeway, diversified tenants, strong leasing momentum during COVID, robust local economy and the overall attractivity of Richmond and continued growth.”
Alhassan and Gupta said they plan to upgrade some of the buildings’ lobbies and external areas.
The acquisition is the first in the Richmond region for both firms. Per its website, Jack Sitt invests primarily in its home market of New York City, targeting office, retail and residential buildings. GII has a broader approach, investing in real estate globally while also operating a private equity and venture capital arm.
Thalhimer’s Eric Robison and Bo McKown, represented the seller along with Bill Collins and Eric Berkman from Cushman & Wakefield’s D.C office. The deal closed Dec. 1. Per a Thalhimer announcement, the Glen Forest Office Park is 86 percent leased.
The deal is among the region’s largest office real estate transactions this year. It may be second only to CoStar’s $130 million purchase of its downtown building at 501 S. 5th St. in January.
Three of Glen Forest Office Park’s buildings on Bayberry Court in Henrico. In total, the office park has 11 buildings. (Courtesy of Thalhimer)
One of the year’s largest office deals has been sealed, with Empire State and Emirati firms teaming for a leap into the Richmond market.
The Glen Forest Office Park, an 11-building portfolio totaling 567,000 square feet in western Henrico, sold last week for $87 million, according to county property records.
The buyer was a joint venture between New York-based Jack Sitt Real Estate and Dubai-based Gulf Islamic Investments. The seller was Brookfield Properties, another New York firm that bought the buildings in 2018 when it acquired Forest City Realty Trust.
The office park spans 84 acres across 11 different addresses near the intersection of Interstate 64 and Glenside Drive: 1700, 1800, 1801 and 1802 Bayberry Court; 7201 and 7275 Glen Forest Drive; 7100, 7229 and 7231 Forest Ave.; 2701 Emerywood Parkway; and 2601 Willard Road. The parcels were most recently assessed at a combined $81.8 million.
The buildings are home to 89 tenants, including Brink’s, law firms Kane Jefferies and MeyerGoergen, and tech consulting firm CapTech.
Glen Forest is the fifth real estate deal GII has struck in the U.S. The firm’s founding partners and co-CEOs Mohammed Alhassan and Pankaj Gupta said in an email Tuesday they were drawn to the deal because of “the property’s strategic location in Richmond and alongside a freeway, diversified tenants, strong leasing momentum during COVID, robust local economy and the overall attractivity of Richmond and continued growth.”
Alhassan and Gupta said they plan to upgrade some of the buildings’ lobbies and external areas.
The acquisition is the first in the Richmond region for both firms. Per its website, Jack Sitt invests primarily in its home market of New York City, targeting office, retail and residential buildings. GII has a broader approach, investing in real estate globally while also operating a private equity and venture capital arm.
Thalhimer’s Eric Robison and Bo McKown, represented the seller along with Bill Collins and Eric Berkman from Cushman & Wakefield’s D.C office. The deal closed Dec. 1. Per a Thalhimer announcement, the Glen Forest Office Park is 86 percent leased.
The deal is among the region’s largest office real estate transactions this year. It may be second only to CoStar’s $130 million purchase of its downtown building at 501 S. 5th St. in January.