James Center bought by company that operates Jefferson Hotel
RICHMOND, Va. — The James Center has been acquired by the same entity which operates the Jefferson Hotel.
The Riverstone Group, a private, family-owned business, owns and operates luxury hotels and resorts, including The Jefferson Hotel in Richmond, Virginia, Kiawah Island Golf Resort in Kiawah Island, South Carolina and The Sea Pines Resort in Hilton Head, South Carolina, and commercial and residential development properties throughout the Southeast.
“We are excited to bring the James Center into our unique family of properties,” said Jeff Galanti, a Principal of Riverstone Properties. “The James Center is truly an iconic asset with the best location in the downtown Richmond office market. The opportunities for its improvement and growth are remarkable.”
The building was listed for sale in September, 2016. The marketing materials for the James Center sale were circulated, but the properties were listed without an asking price.
“The whisper on the street is offers at $100 million or higher will be considered,” said Mark Douglas, a broker at Cushman & Wakefield | Thalhimer, in a previous interview with RichmondBizSense.com.
BizSense.com reported that the deal closed Thursday with a sale price of $108 million, according to the firm.
Built from 1984 to 1986, The James Center has roughly one million square feet of leasable office and retail space located in three Class A office towers bounded by East Cary Street, South 9th Street, East Canal Street and South 12th Street and has ample onsite parking for its tenants.
Major tenants include Wells Fargo, Davenport & Company, Mercer, Union Bank and Trust, Xenith Bank, and The Virginia Economic Development Partnership.
Riverstone has significant improvements planned to the James Center. “Having been tenants of
“Having been tenants of the James Center, we are keenly aware of its qualities and of the areas that need to be improved for the property to reach its full potential. We are working with designers on updates to the lobbies, common areas, elevators and other areas which have not been meaningfully updated since their original construction in the mid-1980s,” said Chris Corrada, a Principal of Riverstone Properties.