Cushman & Wakefield | Thalhimer is proud to have won the award for “Best Office Deal” in Virginia last year by Virginia Business and appreciates the relationship with our client, Berkadia Commercial Mortgage.  The sale transaction was exceptionally difficult given the challenging fundamentals in the market at the time and the encumbrance of the ground lease which was tied up in bankruptcy proceedings.  The transaction would have never occurred without the commitment from the servicer and the Purchaser’s vision to turn a vacant, former headquarters building into a thriving Class-A multi-tenant asset.

“Eric Robison, vice president of Thalhimer’s investment brokerage group inRichmond, says other investors showed interest, but the deal wasn’t for the faint of heart.  “The fact that it was a 300,000-square-foot building in a market that had a 30 percent vacancy rate at the time, and it was on a ground lease that carried a significant expense to the bottom line of operating the building even when vacant — that combination of challenges made it difficult.”

Read entire Virginia Business article here: Best Office Deal 2010 for Sale of Deep Run I

Written on July 20, 2011