Richmond Class A office tower trades to Opal Holdings
JLL Capital Markets led sales efforts for Riverside on the James, one of only four trophy assets in Richmond’s central business district
JLL represented the seller, American Real Estate Partners, LLC, and procured the buyer, Opal Holdings.
Riverside on the James, which is one of only four trophy office assets in Richmond’s central business district, is 95.3% leased to a diverse, creditworthy tenant roster that has demonstrated a long-term commitment to the property; some being original tenants since the building was built in 2005. The 14-story property features views of the James River, an attached six-level parking deck, an on-site fitness center and modern interior design.
Located at 1001 Haxall Avenue in the River District neighborhood of the CBD, Riverside on the James benefits from access to the region’s primary economic drivers, including numerous Fortune 500 headquarters, The Federal Reserve Bank of Richmond, the Virginia State Capitol and the Virginia Commonwealth University Medical Center. Additionally, the asset is surrounding by a robust amenity base with immediate access to more than 100 restaurants, eight hotels, more than 200 residential units and 630,000 square feet of retail space.
The JLL Capital Markets team representing the seller was led by Chris Lingerfelt, Ryan Clutter and Stephen Conley.
“It’s exciting to see Northeast capital sources take an interest in the Richmond office investment market,” said Lingerfelt. “Given Richmond’s strong economic fundamentals and a growing appetite to place capital in the Southeast, we anticipate this trend to continue for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About American Real Estate Partners, LLC
Headquartered in the greater Washington metropolitan area, American Real Estate Partners (AREP) is an institutional fund manager and operating partner focused on office and mixed-use repositioning and development. Since AREP’s founding in 2003, the firm has deployed over $4B across targeted geographies and acquired more than 17M SQFT of Class A real estate. For more, please visit: americanrepartners.com.
About Opal Holdings
Opal Holdings, LLC (“Opal”) is a prominent real estate investment firm based in New York City that was founded in 2012. Through a team of successful entrepreneurs with extensive real estate experience, Opal has built a real estate portfolio valued at a market capitalization in excess of $2B. Liberty Properties, LLC, a subsidiary of Opal will oversee property management and operations. For more information, please visit: opalhs.com.