CHARLOTTE, NC – (BUSINESS WIRE) – Holliday Fenoglio Fowler, LP (HFF) today announced the completion of the $ 108 million sale of the James Center.
HFF marketed the property on behalf of the seller LNR Property, a subsidiary of Starwood Property Trust, Inc., and brokered the buyer Riverstone Properties. The property was sold free of existing debt.
The James Center is made up of three iconic office towers – the 21-story One James Center, the 22-story Two James Center, and the 14-story Three James Center – steeped in American history, and each building was designed to fit each other from the top contrasts with the neighboring buildings. The James Center site was developed in 1985 and once served as the James River’s Great Turning Basin. Original stones from the basin were used to build seating at The Plaza, an outdoor area that welcomes visitors to the James Center and hosts activities, concerts, and the Grand Illumination that is part of downtown Richmond’s Christmas lighting tradition. The James Center offers class A amenities, ample on-site parking, two on-site restaurants and, thanks to its connection to the nearby Omni Hotel, access to four other restaurants.
The James Center is located on 3,388 acres at 901, 1021, and 1051 East Carey Streets in the River District of downtown Richmond and on the James River. The property is close to more than 100 restaurants, several hotels, and a variety of retail and entertainment outlets including the James River Park System, Short Pump Mall, Richmond Coliseum, and Stone Brewery. Additionally, Amtrak’s Main Street Station, which goes to Norfolk, Washington, DC, New York City and Boston, is within walking distance of the property.
The HFF Investment Sales Team representing the seller was led by Senior Managing Directors Ryan Clutter and Dek Potts, Director Scot Humphrey and Associate Director Christopher Lingerfelt.
“The James Center was one of the most competitive assets we commercialized this year, and it has received significant interest from a large pool of institutional and private capital,” said Lingerfelt. “The three office towers are an integral part of the Richmond skyline and offer a tremendous opportunity to acquire significant critical mass in the Richmond CBD.”
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD), a subsidiary of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate fund in the United States. The company’s core business is focused on sourcing, purchasing, financing and managing commercial mortgage loans and other commercial real estate loans and equity investments. The company also operates as the largest commercial mortgage specialist in the United States through its subsidiary LNR Property, LLC.
About Riverstone Properties
Riverstone Properties is the commercial real estate arm of Riverstone Group, a privately owned, family-owned holding company that owns and operates luxury hotels and resorts, including the Jefferson Hotel in Richmond, Virginia, the Kiawah Island Golf Resort on Kiawah Island, South Carolina, and The Sea Pines Resort in Hilton Head, South Carolina. Riverstone Properties owns and manages a large commercial and residential real estate portfolio across the Southeast.
About HFF
Holliday Fenoglio Fowler, LP (“HFF”), HFF Securities LP and HFF Securities Limited (collectively “HFFS”) are owned by HFF, Inc. (NYSE: HF). Operating out of 24 offices, HFF is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, along with its affiliates, offers its clients a fully integrated capital markets platform including debt placement, asset sales, equity placement, advisory services, loan sales and commercial loan services. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.