Richmond Tower Changes Hands, Receives Financing
- Jan 14, 2016
By Balazs Szekely, Associate Editor
Richmond, Va.— Richmond Tower, also known as the Williams Mullen Center, has been sold recently in a transaction mediated by HFF. The company represented the seller, Armada Hoffler Properties Inc. in the transaction, and secured $52 million in fixed-rate acquisition financing for the 207,000-square-foot office tower. Kireland South 10th Street LLC purchased the tower for $78 million.
Located at 200 South 10th St. in downtown Richmond, the 15-story tower is adjacent to Kanawha Plaza and just a few blocks from the Virginia State Capitol. It was completed in 2010 and it is currently 98 percent leased. Law firm Williams Mullen occupies 82 percent of the space.
The HFF investment sales team representing the seller was led by Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson. Senior Managing Director Cary Abod led the debt placement team. Adam Vaisman, Director of Acquisitions for Butters Construction and Development, and Richard Ostrovsky of MEK Management Services Inc., served as advisors to the buyer.
Image via Google StreetView