January 23, 2017
Riverstone Group acquired the one-million square-foot James Center complex in downtown Richmond, VA from LNR Partners LLC for $108 million. The new owner, also headquartered in Richmond, plans to renovate the three-building office property on Cary St. HFF’s Washington, DC office represented the seller, which received ownership of the property after JEMB Realty, the previous owner, defaulted on two loans totaling $150 million.
The property was on Riverstone’s radar for a while; the new owner was a long-term tenant until recently. Chris Corrada, a principal with Riverstone, told Virginia Business News that the company liked the qualities of the properties, and understood the necessary improvements that needed to be made. The plan is to update lobbies, common areas, elevators, “and other areas which have not been meaningfully updated since their original construction in the mid-1980s,” he said.
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