$29.5M Sale of the Edgeworth Building in Richmond, VA

RICHMOND, Va. - March 1, 2021 - PRLog -- Cushman & Wakefield | Thalhimer's Capital Markets Group has represented the seller in the sale of the Edgeworth Building, an iconic, adaptive reuse office building located along historic Tobacco Row at 2100 East Cary Street in Richmond, Virginia.
Totaling 140,573 square feet with oversized windows and high ceilings, the Edgeworth Building is 95% leased to an institutional and diverse tenant base including legal, engineering, accounting and architecture firms such as Hirschler Fleischer, RK&K, Ernst & Young and HKS Architects. The property, originally built as a tobacco factory in 1925, was redeveloped in 2007 into a state-of-the-art office building with panoramic views of the James River, and subsequently awarded "Adaptive Reuse Project of the Year" by the Greater Richmond Association of Commercial Real Estate (GRACRE).
A family office out of New York, NY acquired the asset on February 26, 2021 for $29,500,000 ($210/SF). The sale was completed by Eric Robison of Cushman & Wakefield | Thalhimer's Capital Markets Group in Richmond, Virginia.
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"The sale of the Edgeworth Building represents a re-commitment from investors to own high quality, well located office properties in spite of recent headwinds in the market presented by the Covid-19 pandemic," stated Eric Robison, Executive Vice President at Cushman & Wakefield | Thalhimer. "The sale also signifies some of the unique strengths of the office market in Richmond, Virginia. Since the pandemic, Richmond's office properties have performed more favorably than those in peer cities like Raleigh, Charlotte and Nashville. Richmond has regained nearly 60% of the initial job losses caused by Covid-19 and office space put on the market for sublease has stayed relatively steady, totaling only 1.3% of market availabilities."