Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RICHMOND, VA-The 170,000-sf, 15-story office tower known as the 7th and Franklin Building has gotten a new owner with Washington, DC-based Douglas Development’s recent $6.35 million acquisition from Chevy Chase Land Co. Thalhimer/Cushman & Wakefield represented the seller in the transaction. Located in the city’s central business district, 7th and Franklin is a class B property and is home to a broad range of tenants including law firm Beale Balfour Davidson & Etherington PC, the Better Business Bureau, the Medical College of Virginia, and the State of Virginia also keeps offices in the building.

For Douglas Development, market reports indicate that the acquisition is a good investment, despite the 16% vacancy rate in the second quarter. “The comings and goings of tenants in Class B cancelled out any gains or losses almost exactly,” researchers note in the Mid-Year 2003 Thalheimer Report. “The low activity for leasing is not an indicator of the general activity in the downtown market. Several tenants are in the market right now for both class A and B space and we expect that trend of rising activity to continue throughout this year and the next couple of years as well.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.