{"id":1004107524,"date":"2014-11-13T14:24:09","date_gmt":"2014-11-13T22:24:09","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=306007"},"modified":"2020-05-19T05:30:29","modified_gmt":"2020-05-19T13:30:29","slug":"the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/","title":{"rendered":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Westerre I and II<\/p>\n<\/div>\n

Richmond\u2019s hot Insbrook submarket continues to attract office investors. The Atlanta-based Simpson Organization purchased Westerre I and II this month, for $22 million or about $135 per square foot. It is the highest price per square foot paid in the Richmond area this year.<\/p>\n

Located in the Westerre Office Park, the four-story buildings offer a total of 163,290 square feet of Class A space. According to Cushman & Wakefield | Thalhimer, which represented the seller in the transaction, both were 92.1 percent occupied at the time of the sales. The roster of 26 tenants includes such companies as Tridium, Inc., Interbake Foods L.L.C., Comcast, and the Batzli Stiles Butler Law Firm.<\/p>\n

Eric Robison, also of Cushman & Wakefield | Thalhimer\u2019s Richmond office, completed the sale. The Simpson Organization has retained the firm to represent the buildings, which will be represented by Dean Meyer and Mac Wilson.<\/p>\n

According to Cushman & Wakefield | Thalhimer\u2019s latest Richmond office market report, investment activity has bounced back from the recession. In the third quarter, office sales reached $52.1 million, down from $61.7 million in the previous quarter. The Innsbrook submarket is one of the region\u2019s best performers. In August, Highwoods Properties Inc. sold 11 properties in the area, for $40.7 million<\/em><\/a>.<\/p>\n

Cushman & Wakefield | Thalhimer predicted that Richmond\u2019s office market will continue to recover as employment growth persists. Vacancies will continue to decrease and rents are expected to rise enough for speculative construction to start by late 2015.<\/p>\n

Photo courtesy of <\/em>Cushman & Wakefield | Thalhimer.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Richmond’s hot Insbrook submarket continues to attract office investors. The Atlanta-based Simpson Organization purchased Westerre I and II this month, for $22 million or about $135 per square foot. It is the highest price per square foot paid in the Richmond area this year.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[],"class_list":["post-1004107524","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"\nThe Simpson Organization Buys Two Innsbrook Office Buildings for $22M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M\" \/>\n<meta property=\"og:description\" content=\"Richmond’s hot Insbrook submarket continues to attract office investors. The Atlanta-based Simpson Organization purchased Westerre I and II this month, for $22 million or about $135 per square foot. It is the highest price per square foot paid in the Richmond area this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-13T22:24:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T13:30:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M\",\"datePublished\":\"2014-11-13T22:24:09+00:00\",\"dateModified\":\"2020-05-19T13:30:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/\"},\"wordCount\":264,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/WesterreI-II_200res.jpg\",\"articleSection\":[\"Richmond\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/\",\"name\":\"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/WesterreI-II_200res.jpg\",\"datePublished\":\"2014-11-13T22:24:09+00:00\",\"dateModified\":\"2020-05-19T13:30:29+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/WesterreI-II_200res.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/WesterreI-II_200res.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\",\"name\":\"Adrian Maties\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"caption\":\"Adrian Maties\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adrianmaties\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/","og_locale":"en_US","og_type":"article","og_title":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M","og_description":"Richmond’s hot Insbrook submarket continues to attract office investors. The Atlanta-based Simpson Organization purchased Westerre I and II this month, for $22 million or about $135 per square foot. It is the highest price per square foot paid in the Richmond area this year.","og_url":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-11-13T22:24:09+00:00","article_modified_time":"2020-05-19T13:30:29+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg","type":"","width":"","height":""}],"author":"Adrian Maties","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/"},"author":{"name":"Adrian Maties","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"headline":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M","datePublished":"2014-11-13T22:24:09+00:00","dateModified":"2020-05-19T13:30:29+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/"},"wordCount":264,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg","articleSection":["Richmond"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/","url":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/","name":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg","datePublished":"2014-11-13T22:24:09+00:00","dateModified":"2020-05-19T13:30:29+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/WesterreI-II_200res.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/the-simpson-organization-buys-2-innsbruck-office-buildings-for-22m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"The Simpson Organization Buys Two Innsbrook Office Buildings for $22M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109","name":"Adrian Maties","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","caption":"Adrian Maties"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/adrianmaties\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004107524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/925"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004107524"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004107524\/revisions"}],"predecessor-version":[{"id":1004448931,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004107524\/revisions\/1004448931"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004107524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004107524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004107524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}