The Washington, D.C. office of Hines has announced that a subsidiary of Hines-Sumisei U.S. Core Office Fund, L.P. (Core Fund) has acquired Riverfront Plaza in Richmond, VA, from Commerz Grundbesitz-Investmentgesellschaft mbH. The Core Fund is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.), Inc. to acquire a geographically diverse portfolio of core office buildings in the U.S.
Riverfront Plaza consists of two, 21-story office buildings 901 and 951 East Byrd Street that overlook downtown Richmond's James River. Designed by HKS, Inc. Architects of Dallas, Riverfront Plaza was completed in 1990. The buildings, which contain a total of 950,475 rentable ft², are 99% leased and serve as headquarters for the investment banking firm Wachovia Securities, and the law firm Hunton & Williams.
"The acquisition of these premiere assets will allow Hines to become a part of one of the fastest growing metropolitan areas in the Mid-Atlantic region," said Hines Vice President John Harned. "We especially look forward to participating in the continued transformation of the Richmond CBD into a vibrant live-work environment."
"Riverfront Plaza has the superior tenancy, location, design and construction that we seek," said Charles Hazen, president of the Core Fund. "We are very pleased to add these prominent buildings to our portfolio."
Commerz Grundbesitz-Investmentgesellschaft mbH was represented in the sale by Eastdil Secured. Hines represented the Core Fund.