{"id":1004147747,"date":"2016-07-11T09:29:28","date_gmt":"2016-07-11T17:29:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147747"},"modified":"2020-05-11T02:39:16","modified_gmt":"2020-05-11T10:39:16","slug":"richmond-high-rise-ready-to-add-more-value","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/","title":{"rendered":"Richmond High-Rise Ready to Add More Value"},"content":{"rendered":"<p><em>By Bogdan Odagescu, Associate Editor<\/em><\/p>\n<div id=\"attachment_1004136861\" style=\"width: 217px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004136861\" data-attachment-id=\"1004136861\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-office-tower-sells-in-richmond\/bofa-tower-richmond\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg\" data-orig-size=\"546,793\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Bank of America Center, Richmond, Va.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Bank of America Center, Richmond, Va.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg?w=546\" class=\"wp-image-1004136861 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg\" alt=\"Bank of America Center, Richmond, Va.\" width=\"207\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg 546w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg?resize=207,300 207w\" sizes=\"auto, (max-width: 207px) 100vw, 207px\" \/><\/a><p id=\"caption-attachment-1004136861\" class=\"wp-caption-text\">Bank of America Center, Richmond, Va.<\/p><\/div>\n<p><strong>Richmond, Va.<\/strong>\u2014The Bank of America Center, an iconic 24-story office tower in the heart of Richmond\u2019s central business district, is undergoing multimillion-dollar renovations, the <em><a href=\"https:\/\/www.virginiabusiness.com\/news\/article\/renovation-begins-on-bank-of-america-center-in-richmond\" rel=\"nofollow\" target=\"_blank\">Virginia Business <\/a><\/em>reported. The project represents the first major exterior renovation since the building\u2019s construction in the early 1970s.<\/p>\n<p>Earlier this year, Cushman &amp; Wakefield Thalhimer\u2019s Capital Markets Group assisted Gramercy Realty with <a href=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-office-tower-sells-in-richmond\/\" target=\"_blank\">selling the Bank of America Center<\/a>, which traded for an undisclosed amount. District Bay Realty Advisors, a newly-formed company founded by two Verris Capital principals, bought the tower as a value-add opportunity. At the time of sale, the property was 71 percent leased. The most recent official assessment estimates the value of the office building at roughly $52 million.<\/p>\n<p>The renovation project is being conducted by a joint venture involving the owners and developer Joe Ersek. \u201cThis is an important project for both us and Joe,\u201d said Michael Wheeler, managing partner with District Bay. \u201cWe plan to continue this momentum with a new courtyard and other improvements that we are excited to announce in the near future.\u201d<\/p>\n<p>The 513,479-square-foot property at 1111 E Main St. is the third tallest building in the City of Richmond and includes two parking garages and an additional four-story office pavilion. Steps away from the Virginia State Capitol, the high-rise is just a 10-minute drive from the Greater Richmond Convention Center and Virginia Commonwealth University. Within easy reach from I-95, I-64 and US 195, the tower also offers a plethora of nearby high-end dining options and several upscale hotels.<\/p>\n<p>Founded in 2016 by Verris Capital principals Michael Wheeler and Kelly Cooper, District Bay Realty Advisors is a vertically integrated commercial real estate firm with offices in Washington, D.C. and San Francisco. According to the company\u2019s official website, <a href=\"https:\/\/districtbay.com\/projects\/\" rel=\"nofollow\" target=\"_blank\">District Bay\u2019s portfolio<\/a> also includes four retail assets: Stony Point Shopping Center in Richmond; The Shoppes at Meadow Creek in Westminster, Md.; Marlboro Square Shopping Center in Upper Marlboro, Md.; and the Eastchester Shopping Center in High Point, N.C. All four are legacy deals of Verris Capital.<\/p>\n<p><em>Image courtesy of District Bay Realty Advisors<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 24-story downtown office tower was bought earlier this year and is currently seeing multimillion-dollar renovations. <\/p>\n","protected":false},"author":740,"featured_media":1004136861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,11,21742,21747,36153],"tags":[],"class_list":["post-1004147747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midatlantic","category-latest","category-office","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Richmond High-Rise Ready to Add More Value - 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\/richmond-high-rise-ready-to-add-more-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richmond High-Rise Ready to Add More Value\" \/>\n<meta property=\"og:description\" content=\"The 24-story downtown office tower was bought earlier this year and is currently seeing multimillion-dollar renovations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/\" \/>\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=\"2016-07-11T17:29:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T10:39:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"546\" \/>\n\t<meta property=\"og:image:height\" content=\"793\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/\",\"name\":\"Richmond High-Rise Ready to Add More Value - 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He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. He has a background in English, literature, translation and cultural journalism, and holds an MA in contemporary literature and culture from Birkbeck College, University of London.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/bogdanodagescu\/\"],\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/bogdan-odagescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Richmond High-Rise Ready to Add More Value - 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\/richmond-high-rise-ready-to-add-more-value\/","og_locale":"en_US","og_type":"article","og_title":"Richmond High-Rise Ready to Add More Value","og_description":"The 24-story downtown office tower was bought earlier this year and is currently seeing multimillion-dollar renovations.","og_url":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-07-11T17:29:28+00:00","article_modified_time":"2020-05-11T10:39:16+00:00","og_image":[{"width":546,"height":793,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg","type":"image\/jpeg"}],"author":"Bogdan Odagescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/","url":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/","name":"Richmond High-Rise Ready to Add More Value - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg","datePublished":"2016-07-11T17:29:28+00:00","dateModified":"2020-05-11T10:39:16+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/b496539dc21c086e1deff9b417453162"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/BofA-Tower-Richmond.jpg","width":546,"height":793,"caption":"Bank of America Center, Richmond, Va."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/richmond-high-rise-ready-to-add-more-value\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Richmond High-Rise Ready to Add More Value"}]},{"@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\/b496539dc21c086e1deff9b417453162","name":"Bogdan Odagescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Bogdan-Odagescu.png?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Bogdan-Odagescu.png?w=96","caption":"Bogdan Odagescu"},"description":"Bogdan Odagescu is an executive editor with Commercial Property Executive and Multi-Housing News. 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