500 East Main in downtown Norfolk sells for $10.7 million

A 16-story, 230,316-square-foot office building in downtown Norfolk has sold for $10.7 million.

Riverstone Properties LLC of Richmond acquired the building, 500 E. Main St., on Oct. 25, according to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller in the transaction.

Thalhimer said that the building has 32 tenants and was 59 percent occupied at the time of the sale.  BB&T anchors the property and operates a full-service bank branch on the first floor.

Other major tenants include Hampton Roads Chamber of Commerce, Hunton & Williams, and Brown & Brown.

“We were extremely pleased with the response we received on 500 E Main Street. With the positive momentum in the Norfolk Central Business District, an owned parking deck and potential to lease up existing vacancies there was significant interest from both regional and out of town, value-add investors in this investment opportunity,” Eric Robison, senior vice president with Cushman & Wakefield | Thalhimer’s Capital Markets Group, said in a statement.

Robison completed the sale along with leasing advisor John P. Duffy, of Thalhimer’s Virginia Beach office.