Richmond’s $150M James Center Gets New Leasing, Management Rep
- Apr 04, 2016
By Bogdan Odagescu, Associate Editor
Richmond, Va.—LNR Partners, the new James Center owner, recently picked Colliers International as exclusive leasing and management representative of the prominent three-building office complex in downtown Richmond, Va.
Up until recently, James Center was heading for foreclosure, with an auction scheduled for March 8, 2016. New York-based JEMB Realty, which bought the asset in 2005 for $185 million, was facing foreclosure after defaulting on loans totaling $150 million. However, the auction was canceled and the James Center was transferred March 21, 2016, to Miami Beach-based LNR Partners, the mortgage company that was handling the property’s distressed loan. Prior to the transfer of the asset, JLL was acting as leasing agent.
The new leasing efforts will be spearheaded by Chris Wallace, Andrew Ferguson and Austin Newman of Colliers|Richmond. Property management will be led by Tim Allison, national executive managing director of real estate management services, who will act as on-site point of contact. At the time of publication, James Center had approximately 330,000 square feet of space available for lease in all its buildings combined, bringing the property’s occupancy level at two thirds.
Sitting in the heart of downtown Richmond at 901, 1021 and 1051 E Cary St., the three buildings offer a total of almost one million square feet of Class A office space, five restaurants, a health club, a 1,400-spot parking garage and approximately 50,000 square feet of retail space connecting to the Omni Richmond Hotel. According to the City of Richmond’s Real Estate Assessor’s Office, the 2016 assessment estimated the value of the complex at $147.4 million.
Image courtesy of james-center.com