SunTrust Center in Innsbrook submarket sells for $62.4 million
- May 29, 2018
Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond joined forces with Cushman & Wakefield's Washington, D.C., office on the sale of the SunTrust Center in Henrico County.
The team represented Bridge Investment Group in the $62.4 million sale of SunTrust Center One and Two, a two-building, Class A office park located on West Broad Street in the Innsbrook submarket of Richmond.
According to Thalhimer, the buyer was FD Stonewater of Washington, D.C., which acquired the asset on May 24, marking its first investment in the Richmond market.
The buildings total 419,653 square feet and are situated on 32.3 acres. SunTrust Center One, comprised of 214,273 square feet, is 100 percent leased to SunTrust for 10 years. The building recently underwent a major renovation with more than $30 million invested, transforming the asset into a modern, collaborative workspace that includes a new lobby, fitness center and cafeteria.
SunTrust Center Two, comprised of 205,380 square feet, also is 100 percent leased to five tenants: Magellan Health, SunTrust Bank, RetailData, Home Care Delivered, and EMC Corp.
FD Stonewater has retained Cushman & Wakefield | Thalhimer to lease and manage the property. Jeffrey Cooke and Amy Broderick are the exclusive leasing representatives while Dwayne Faria, also with Thalhimer, is the portfolio manager assigned to the property.
Completing the sale was Eric Robison, a senior vice president in Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Eric Berkman, executive managing director, and William Collins, executive vice chairman of Cushman & Wakefield in D.C.
“This opportunity garnered interest from a wide range of investors, including foreign capital. Our team’s collaborative approach produced offers from a number of institutional investors new to the Richmond market that resulted in a highly competitive bidding environment,” Berkman said in a statement.