Sale closes on Mutual Building in downtown Richmond
- May 5, 2014
Parmenter Realty Partners has completed the sale of the Mutual Building, a 12-story office tower built in 1904 that was one of Richmond’s first high-rise office buildings.
909 Main LLC, an entity associated with Chesterfield-County based Shamin Hotels, purchased the property through a competitive bid process on Auction.com for $3.2 million. According to Cushman & Wakefield | Thalhimer's Capital Markets Group, which represented Parmenter Realty, the property was 31 percent leased at the time.
A single tenant, the law firm, Christian & Barton, occupies the top four floors of the building with the bottom eight being vacant. Thalhimer’s Eric Robison and Catharine Spangler completed the sale.
The 132,434-square-foot building at 909 E. Main St. offers views of the James River and the State Capitol. The building shares a parking deck with SunTrust Center, and Parmenter Realty Partners will continue to own and manage the SunTrust Center Tower and the Davenport building.
“The Mutual Building has an abundance of history, and it’s location in the Main Street Banking Historic district provides a number of different options for future use,” Eric Robison, senior vice President, at Cushman & Wakefield | Thalhimer, said in a statement.
This represents the second recent downtown investment for Shamin Hotels. In October, the company bought the 700 Building at 700 E. Main St. for $ 7 million. Shamin plans to redevelop the 18-story building, previously home to Richmond National Bank and Merrill Lynch, into two Hilton brand hotels: a 144-room Hampton Inn & Suites and a 100-room Homewood Suites, which provides extended-stay accommodations.
Photo courtesy: Cushman & Wakefield | Thalhimer