{"id":1004513755,"date":"2021-03-02T04:57:04","date_gmt":"2021-03-02T12:57:04","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004513755"},"modified":"2021-05-15T10:10:54","modified_gmt":"2021-05-15T18:10:54","slug":"historic-richmond-office-building-sells-for-30m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-richmond-office-building-sells-for-30m\/","title":{"rendered":"Historic Richmond Office Building Sells for $30M"},"content":{"rendered":"
\"\"

The Edgeworth Building in Richmond, Va. Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

The nearly century-old Edgeworth Building in Richmond, Va., has been sold for $29.5 million, or $210 per square foot. Cushman & Wakefield | Thalhimer\u2019s Capital Markets Group represented the seller. The buyer was a family office based in New York City.<\/p>\n

The property was originally built as a tobacco factory in 1925 but was redeveloped in 2007 into a creative-style office building with panoramic views of the James River. It was later awarded the Adaptive Reuse Project of the Year by the Greater Richmond Association of Commercial Real Estate.<\/p>\n

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READ ALSO:<\/strong> Will 2021 Bring CRE Certainty?<\/a><\/p>\n

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Located along historic Tobacco Row at 2100 E. Cary St., the Edgeworth Building totals 140,573 square feet and features oversized windows and high ceilings. At the time of sale, the asset was 95 percent leased to a diverse tenant base that includes legal, engineering, accounting and architecture firms such as Hirschler Fleischer, RK&K, Ernst & Young and HKS Architects.<\/p>\n

The sale spotlights some of Richmond\u2019s unique strengths as an office market, Eric Robison, executive vice president at Cushman & Wakefield | Thalhimer, said in a prepared statement. \u201cSince the pandemic, Richmond\u2019s office properties have performed more favorably than those in peer cities like Raleigh, Charlotte and Nashville. Richmond has regained nearly 60 percent of the initial job losses caused by COVID-19, and office space put on the market for sublease has stayed relatively steady, totaling only 1.3 percent of market availabilities.\u201d<\/p>\n

Richmond has benefitted both from a diverse economy and employment base and from \u201ca lack of overbuilding office space specifically, which has kept vacancy rates low and enabled owners to push rental rates prior to the pandemic,\u201d Robison told Commercial Property Executive<\/em>.<\/p>\n

Eclectic activity <\/strong><\/h2>\n

Last April, Cushman & Wakefield | Thalhimer brokered the sale of a 123,400-square-foot office building<\/a> in Suffolk, Va. The property is part of Bridgeway Commerce Park, a 400-acre master-planned development.<\/p>\n

Two months later, the company represented Norfolk Southern in the sale of its headquarters<\/a>, a 310,700-square-foot office tower in Norfolk, Va. Norfolk Southern is in the process of moving to a new 750,000-square-foot HQ in Atlanta.<\/p>\n

And just a couple of weeks ago, Cushman & Wakefield | Thalhimer represented Carnegie Management and Development Corp. in its purchase of a nearly 50-acre site<\/a> in Spotsylvania, Va. Carnegie plans to begin construction there soon on a 450,000-square-foot outpatient clinic for the Department of Veterans Affairs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Originally a tobacco factory and recently converted into creative office space, the property was acquired by an out-of-state investor. <\/p>\n","protected":false},"author":882,"featured_media":1004527437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,36153],"tags":[32799],"class_list":["post-1004513755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-richmond-hampton-roads","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nHistoric Richmond Office Building Sells for $30M - 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\/historic-richmond-office-building-sells-for-30m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Historic Richmond Office Building Sells for $30M\" \/>\n<meta property=\"og:description\" content=\"Originally a tobacco factory and recently converted into creative office space, the property was acquired by an out-of-state investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/historic-richmond-office-building-sells-for-30m\/\" \/>\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=\"2021-03-02T12:57:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:10:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/The-Edgeworth-Building-in-Richmond-Va.-Image-courtesy-of-Cushman-Wakefield-300x233-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"233\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/historic-richmond-office-building-sells-for-30m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/historic-richmond-office-building-sells-for-30m\/\",\"name\":\"Historic Richmond Office Building Sells for $30M - 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