Transactions - JANUARY 23, 2017

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LNR sells property in Virginia

by Andrea Waitrovich

LNR Property, a subsidiary of Starwood Property Trust, has sold the James Center in the CBD of Richmond, Va., for $108 million. The new owner is Riverstone Properties, and the property was sold free and clear of existing debt.

The James Center comprises three iconic office towers — the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center — totaling approximately 1 million square feet.

Developed in 1985, the James Center’s site functioned once as the Great Turning Basin of the James River. The James Center features class A amenities, onsite parking, two onsite restaurants and, through its connection to the nearby Omni Hotel, access to four additional restaurants.

LNR Property has been actively selling its assets. Earlier this month, LNR Property completed the sale of 33 Washington St., an office tower located in downtown Newark, N.J. Berger Organization acquired the 450,000-square-foot prop

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