{"id":1004458708,"date":"2020-06-25T03:52:59","date_gmt":"2020-06-25T11:52:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004458708"},"modified":"2020-06-25T07:24:07","modified_gmt":"2020-06-25T15:24:07","slug":"norfolk-southern-sells-hq-to-townebank-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/norfolk-southern-sells-hq-to-townebank-jv\/","title":{"rendered":"Norfolk Southern Sells HQ to TowneBank JV"},"content":{"rendered":"<div id=\"attachment_1004458723\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004458723\" data-attachment-id=\"1004458723\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/norfolk-southern-sells-hq-to-townebank-jv\/arnold-b-mckinnon\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" 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=\"Arnold B. McKinnon Building\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Arnold B. McKinnon Building&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg?w=640\" class=\"wp-image-1004458723 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg\" alt=\"\" width=\"240\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Arnold-B.-McKinnon-.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-1004458723\" class=\"wp-caption-text\">Arnold B. McKinnon Building<\/p><\/div>\n<p>A partnership between TowneBank and Children\u2019s Hospital of the King\u2019s Daughters (CHKD) has purchased the Arnold B. McKinnon Building, a 310,745-square-foot office tower in Norfolk, Va. Norfolk Southern sold the property, which has been its corporate headquarters since 1988. Divaris Real Estate assisted the buyer, while Cushman &amp; Wakefield | Thalhimer negotiated on behalf of the seller.<\/p>\n<p>CHKD and TowneBank will occupy 10 floors each inside the 22-story tower at 3 Commercial Place. The partnership will implement a capital improvement plan on several floors not occupied by Norfolk Southern. WM Jordan will be the general contractor and Creative Development Partners will manage the remodeling plans.<\/p>\n<p>As part of the deal, the new owners also purchased the Commercial Place Garage, a 744-space parking deck at 520 E. Main St., which also has street-level retail space. The McKinnon Building last changed hands in 1998, when Norfolk Southern paid $32.8 million to acquire the remaining 70 percent interest stake in the asset from Bank of America, Yardi Matrix shows.<\/p>\n<h2>Staying in place<\/h2>\n<p>Norfolk Southern will continue to lease space in the property for the next 18 months, as the company prepares to move to its <a href=\"https:\/\/www.commercialsearch.com\/news\/top-10-office-projects-underway-in-atlanta\/\">new 750,000-square-foot headquarters<\/a> in Atlanta. Construction on the 22-story tower is scheduled to wrap up in 2021. Bank of America is providing $550 million in construction financing for the project.<\/p>\n<p>Back in Norfolk,&nbsp;Divaris will continue overseeing management and leasing efforts at the McKinnon Building. Divaris has operated the asset since 2009. The firm&#8217;s chairman &amp; CEO, Gerald Divaris, along with President &amp; COO Michael Divaris and Vice President Jason Oliver represented the buyers in the deal.&nbsp;Cushman &amp; Wakefield | Thalhimer&#8217;s Senior Vice President Rob Wright and Vice President Geoff Poston acted on behalf of Norfolk Southern.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The railroad company paid $32.8 million for a majority stake 22 years ago.<\/p>\n","protected":false},"author":867,"featured_media":1004458726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,11,21742,21747,36153],"tags":[32799,32768,36923,37134,38768],"class_list":["post-1004458708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midatlantic","category-latest","category-office","category-richmond-hampton-roads","tag-cushman-wakefield","tag-divaris-real-estate-inc","tag-gerald-divaris","tag-michael-divaris","tag-thalhimer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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