199,621 SF 14-story office tower in Downtown Norfolk
Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented the seller in the sale of Main Street Tower, located at 300 East Main Street in Downtown Norfolk, Virginia.
Exceptionally well-located in the heart of the central business district, the 14-story, 199,621 square foot class A office building is 73% leased to seven tenants. The United States Coast Guard anchors the property, occupying 65% of the building on a long-term lease.The tower features an underground parking garage and ground level lobby with updated features and reception area.
An investment fund out of Chicago, Illinois,acquired the asset on August 3, 2018for $18,550,000.
The sale was completed by Eric Robison of Thalhimer’s Capital Markets Group, and assisted by office leasing broker Rob Wright of Cushman & Wakefield | Thalhimer’s Hampton Roads office.
Robison noted, “There was a significant amount of interest in this opportunity due to the strength of the Coast Guard lease and the tremendous momentum in the downtown Norfolk market. The Purchaser’s familiarity with GSA leases and understanding of the positive dynamics in the Norfolk CBD will ensure a successful future for Main Street Tower.”
About Cushman & Wakefield | Thalhimer
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, VA; and Charleston, Greenville, SC. The company has over 100 broker professionals and employs over 400 associates. Thalhimer represents, on behalf of its clients, a property portfolio of over 53 million leasable square feet, and management of nearly 25 million square feet of commercial property, and over 7,250 multifamily units. In 2017 Thalhimer completed over 2,000 transactions with a transactional volume over $1.3 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm offers comprehensive commercial real estate services including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.
To learn more, visit www.thalhimer.com or follow @Thalhimer on Twitter.
Thalhimer’s Capital Markets Group is the region’s leading investment sales team made up of professionals focused solely on capital markets and the sale of income producing properties throughout Virginia. The team is experienced in office, industrial, retail and multi-family dispositions and since 2012 has completed 194 transactions totaling over $3.83 billion and over 48.4 million square feet.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
