RMR Office Property Fund purchases office building in Richmond, Va.
The RMR Office Property Fund has acquired 9954 Mayland Drive, a 355,449-square-foot, multi-tenant class A office building located in Richmond, Va. The property was acquired for a purchase price of approximately $56 million.
Renovations totaling $16 million were recently made to modernize the property and include a new four-story parking garage, new roof, new fitness center and cafeteria as well as updated lobbies, elevators and building mechanicals. The multi-tenant building is 98 percent leased and includes two investment grade–rated tenants that lease more than 70 percent of the building’s square footage for a weighted (by revenue) average lease term of 5.2 years.
“The acquisition of 9954 Mayland Drive underscores the target characteristics we seek for the fund as a core property with its strong suburban office location, robust tenant roster and excellent physical condition,” said Chris Bilotto, vice president, The RMR Group and portfolio manager, The RMR Off