Richmond High-Rise Ready to Add More Value
ByThe 24-story downtown office tower was bought earlier this year and is currently seeing multimillion-dollar renovations.
Bank of America Center, Richmond, Va.
Richmond, Va.—The Bank of America Center, an iconic 24-story office tower in the heart of Richmond’s central business district, is undergoing multimillion-dollar renovations, the Virginia Businessreported. The project represents the first major exterior renovation since the building’s construction in the early 1970s.
Earlier this year, Cushman & Wakefield Thalhimer’s Capital Markets Group assisted Gramercy Realty with selling the Bank of America Center, which traded for an undisclosed amount. District Bay Realty Advisors, a newly-formed company founded by two Verris Capital principals, bought the tower as a value-add opportunity. At the time of sale, the property was 71 percent leased. The most recent official assessment estimates the value of the office building at roughly $52 million…
Richmond High-Rise Ready to Add More Value
