RICHMOND—One of the city's oldest high-rise office buildingstraded on one of the real estate industry's newesttools—Auction.com. The MutualBuilding, a 132,434-square foot, 12-story officeconstructed in 1904, sold for $3.2 million to 909 Main, LLC anentity associated with Shamin Hotels. The buildingwas 31% leased at the time of its acquisition by a single tenantthat occupies the top floor.

|

Eric Robison and CatharineSpangler of Cushman & Wakefield | Thalhimer'sCapital Markets Group represented Parmenter RealtyPartners in the sale.

|

Despite its high vacancy rate, the Mutual Building, located at909 East Main St, in the city's CBD, has strong potential. Itoffers views of the James River and the State Capitol. It alsooffers frontage on East Main Street adjacent to SunTrust Center,which Parmenter Realty Partners owns and manages.

|

Presumably the new owner is considering another use for theoffice given its affiliation with Shamin Hotels. The MutualBuilding's location in the Main Street Banking Historic districtprovides a number of different options for future use," accordingto Robison.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.