RICHMOND—One of the city's oldest high-rise office buildings traded on one of the real estate industry's newest tools—Auction.com. The Mutual Building, a 132,434-square foot, 12-story office constructed in 1904, sold for $3.2 million to 909 Main, LLC an entity associated with Shamin Hotels. The building was 31% leased at the time of its acquisition by a single tenant that occupies the top floor.
Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer's Capital Markets Group represented Parmenter Realty Partners in the sale.
Despite its high vacancy rate, the Mutual Building, located at 909 East Main St, in the city's CBD, has strong potential. It offers views of the James River and the State Capitol. It also offers 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 the office given its affiliation with Shamin Hotels. The Mutual Building's location in the Main Street Banking Historic district provides a number of different options for future use," according to Robison.
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