Richmond: Economy/Business/Real Estate

[burt]

Here's an interesting item I saw in Sunday's Commercial Notes at inRich:

"The 700 Building, an 18-story office building with 181,790 square feet of space at 700 E. Main St., for $8.15 million to BH Rosenberg LLC from Wells Fargo Bank."

Granted, this structure was one of the few high rises to go up in the 1960's, but does that sales price sound rediculously low to anyone else?

[Shakman]

Here's an interesting item I saw in Sunday's Commercial Notes at inRich:

"The 700 Building, an 18-story office building with 181,790 square feet of space at 700 E. Main St., for $8.15 million to BH Rosenberg LLC from Wells Fargo Bank."

Granted, this structure was one of the few high rises to go up in the 1960's, but does that sales price sound rediculously low to anyone else?

It comes out to be roughly $45 per sqft. That is low for a sale. But do realize that this is a Class C building.

If I knew it was on sale, I could have got some investors to buy that building.

[wrldcoupe4]

Foreclosed properties usually sell for below market value...

[Shakman]

Foreclosed properties usually sell for below market value...

Very true.

Since it was bank owned, it may have been a foreclosed property.

[CommRE]

It was a foreclosure and it needs lots of capital improvements.

[wrldcoupe4]

It was a foreclosure and it needs lots of capital improvements.

Correct... I guess the Kiniry guys are focused on trying to get the ball rolling on their proposed building in Monroe Ward now...

It's a shame the new owner intends to have the building remain office space... Vacancy rates for B/C space are very high and it would help if some inventory was pulled off the market. This building could probably convert to a residential use if the numbers make sense... I'm sure the facade could be improved in the process.

[mclawsdrive]

Greenville, SC walked away from negotiations with Rolls-Royce when they learned the project would be split between a location in the US and Singapore. They wanted all or nothing. Virginia pursued its bid and won out for the US portion, though at considerable cost. Certainly, Rolls-Royce Headquarters in Chantilly must have had some bearing on the decision.

It's a quality company. Initial hires will be about 300 less than hoped, but future expansion and the luring of supporting companies will boost job levels and the area economy. Average pay will be about $48,000.

I'd still like to know where it is going to be built in Prince George.

Didn't Norfolk/Southern recently decide to build a huge railway yard in the county?

Not to mention the staggering effect the enlarged Fort Lee will have on Prince George.

I heard that it is to be built near the intersection of 460 and 295.

[CommRE]

Correct... I guess the Kiniry guys are focused on trying to get the ball rolling on their proposed building in Monroe Ward now...

Kiniry lost the management of the building when it went into foreclosure.

[wrldcoupe4]

Did they not own it as well before the foreclosure?

[CommRE]

90% sure they did not - but I could be mistaken.

[burt]

If you want to read a bit of hype about Richmond, here it is:

http://www.virginiabusiness.com/edit/resea...ichdigest.shtml

[wrldcoupe4]

But Burt, I thought we were not a "real city," a "joke," and the "laughing stock of the nation." Surely all those accolades are coming from "people that suck."

[burt]

But Burt, I thought we were not a "real city," a "joke," and the "laughing stock of the nation." Surely all those accolades are coming from "people that suck."

Huh?

[wrldcoupe4]

Sorry reference to a post on RCW

[Downtowner]

wow you all really are lame. Can you all not take a simple joke. Geez you all need to lighten up.

[Cadeho]

Ho ho ho ha ha ha... best joke ever Joey...

[Downtowner]

Cam it wasnt meant to be funny. Heck Y101 does stuff like this all the time they act like they really mean it but really they just joke like the other day on Y101 they joked about the cities masterplan. They said the city of richmond is a piece of garbage who would put one foot into the city. They would say stuff like that. Thats the way im telling it. Believe me im not serious I just get a little carried away.

Edited December 4, 2007 by Downtowner

[wrldcoupe4]

To be fair, how are people possibly supposed to know you're joking?

[burt]

Let's hope this LeClairRyan merger with the Newark law firm will be a plus for downtown Richmond. From Carol Hazard in today's inRich:

http://www.inrich.com/cva/ric/news/busines...12-05-0056.html

Edited December 5, 2007 by burt

[Cadeho]

Cam it wasnt meant to be funny. Heck Y101 does stuff like this all the time they act like they really mean it but really they just joke like the other day on Y101 they joked about the cities masterplan. They said the city of richmond is a piece of garbage who would put one foot into the city. They would say stuff like that. Thats the way im telling it. Believe me im not serious I just get a little carried away.

Don't use radio stations as role models...

[burt]

According to this late-breaking story in today's inRich, Goodyear has decided to remain in Akron. The story hints that it had been exploring sites in Virginia and South Carolina for its National Headquarters.

http://www.inrich.com/cva/ric/news/vaapwir...12-05-0021.html

[burt]

The downtown Marriott changes hands. From today's inRich:

http://www.inrich.com/cva/ric/news.apx.-co...12-08-0052.html

[burt]

Fred Ortiz, former partner at SMBW Architects,has joined the Richmond Office of Dallas-based HKS, Inc. At SMBW, Ortiz worked on the recladding of City Hall among other high profile jobs.

He says: "I like the idea of designing high rise buildings on technically challenging sites."

OK, Fred, a suggestion; get to work on the triangle lot.

From today's inRich:

http://www.inrich.com/cva/ric/news/busines...12-08-0054.html

[eandslee]

The downtown Marriott changes hands. From today's inRich:

http://www.inrich.com/cva/ric/news.apx.-co...12-08-0052.html

Yeah, and I personally know Glade M. Knight whose company is buying the Marriott. I know that he and his company will be good stewards of the property.

Edited December 8, 2007 by eandslee

[burt]

Yeah, and I personally know Glade M. Knight whose company is buying the Marriott. I know that he and his company will be good stewards of the property.

Eric, do you suppose they will enlarge it? At one time there was talk of adding a 200-room tower along the 6th Street side at Marshall Street.