HFF Closes $108M Sale of Historic Richmond Towers

By Laura Calugar

James Center aerial view, Richmond, Va.

Richmond, Va.—HFF recently announced that it has closed the sale of James Center, a three-building property totaling nearly one million square feet in Richmond, Va. The company marketed the asset on behalf of the seller, LNR Property, a subsidiary of Starwood Property Trust Inc., but it also procured the buyer, Riverstone Properties. The James Center was sold free and clear of existing debt.

Located at 901, 1021 and 1051 East Carey St. on 3.4 acres, the property is situated in the heart of the city’s central business district. Developed by CSX Corp. and Faison Associates, the James Center comprises the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center. The towers boasts more than 986,000 square feet of Class A office space, a fitness center, five restaurants, a 1,600 space parking garage and a 50,000-square-foot retail atrium that connects to the Omni Hotel.

The buildings are close to more than 100 restaurants, hotels and a plethora of retail and entertainment outlets, including the James River Park System, Short Pump Mall, Richmond Coliseum and Stone Brewery. Moreover, Amtrak’s main street station is within walking distance from the towers.

“The James Center was one of the most competitively pursued assets we have marketed this year and it received significant interest from a deep pool of institutional and private capital. The three office towers are staples of the Richmond skyline and offer a tremendous opportunity to acquire substantial critical mass in the Richmond CBD,” said Christopher Lingerfelt, associate director at HFF, in a prepared statement.

Developed in 1985, the James Center’s site functioned once as the Great Turning Basin of the James River. Parts of the basin were used to build seating in The Plaza, an outdoor area that hosts different activities, such as concerts and the Grand Illumination.

Nine months ago, LNR Property picked Colliers International as exclusive leasing and management representative of the property.

Image courtesy of James Center