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RICHMOND, VA-Financing to the tune of $12.525 million has been put place by Houston, TX-based LJ Melody & Co. for the 211,000-sf office building at 600 East Broad St. The mid-rise building–constructed in the mid-1980s–is home to many federal and state organizations including the Commonwealth of Virginia Department of Medical Assistance Services.

“The building has federal government long-term leases which are very attractive these days,” Keith Braddish of LJ Melody’s New York office tells GlobeSt.com. “Government leases were once looked down on but now they’re looked at very highly because of what’s happening in corporate America.” Braddish points to the fact that the Richmond area is experiencing a growth spurt due to a great deal of capital investment in the city as another reason for backing the class A property. “Also, it’s a long-term hold for the borrower,” he adds of the national real estate investment banking firm’s decision to arrange the financing. “They bought it very cheap.”

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