$78 million sale of Richmond Tower in downtown Richmond, Virginia, closed by HFF
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale and arranged financing for the Richmond Tower, a 207,000-square-foot office tower in downtown Richmond, Virginia.
HFF represented the seller, Armada Hoffler Properties, Inc., in the transaction. Kireland South 10th Street, LLC purchased the tower for $78 million. Additionally, HFF assisted the new owner in securing $52 million in fixed-rate acquisition financing.
Completed in 2010, the 15-story the Richmond Tower is 98 percent leased with law firm Williams Mullen occupying 82 percent of the space. The property is situated in downtown Richmond at 200 South 10th Street, adjacent to Kanawha Plaza and just a few blocks from the Virginia State Capitol.
The HFF investment sales team representing the seller was led by Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson.
HFF’s debt placement team was led by senior managing director Cary Abod.
Adam Vaisman, Director of Acquisitions for Butters Construction and Development, and Richard Ostrovsky of MEK Management Services, Inc., served as advisors to the buyer.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
About Kireland South 10th Street, LLC
Kireland South 10th Street, LLC, is a subsidiary of Kireland Holdings, which owns dozens of institutional grade office, retail and multifamily properties throughout the United States.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.