A subsidiary of Hines-Sumisei U.S. Core Office Fund L.P. has acquired Riverfront Plaza in Richmond, Va., which comprises two 21-story office buildings that overlook the James River.
The Core Fund, an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.) Inc., paid Commerz Grundbesitz-Investmentgesellschaft mbH an undisclosed sum for the complex.
Riverfront Plaza, located at 901 and 951 East Byrd St., includes a total of 950,475 rentable square feet. Built in 1990, the complex was 99 percent leased at the time of sale and serves as headquarters for the investment banking firm Wachovia Securities and 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.”
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.