NORFOLK, VIRGINIA: 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, 2018 for $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.”