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RICHMOND, VA-Ground preparation has begun for Richmond’s latest office development, an approximate 220,000-sf structure that reportedly will be developed for $60 million. The developer, Armada Hoffler, a Virginia Beach, VA-based firm, acquired the plot of land in Downtown Richmond for $3 million recently–a transaction that was brokered by Jeffrey Cooke and Suzanne White of Thalhimer/Cushman & Wakefield Alliance. Armada Hoffler, which did not return a call to GlobeSt.com in time for publication, purchased the land from James Center Development Co.

Williams Mullen will occupy the majority of the building, which will be called Williams Mullen Center. White tells GlobeSt.com that approximately 40,000 sf will be available for lease when the building delivers in the first half of 2010. Besides the approximate 20,000-sf per floor, the building will also offer ground floor retail, she says.

Located corner of 10th and Canal streets, the Williams Mullen Center is the latest class A building to begin development in Richmond, White says. By the time it delivers, the current economic headwinds will be past and the tenant demand will be strong for space, she adds. However even if the building were delivering today it would likely not be severely impacted by the current market. “We are seeing a lot of fluctuation in the market because of the crisis, but Downtown has stayed relatively strong,” she says.

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