Richmond Class A office tower trades to Opal Holdings

CHARLOTTE – Apr. 7, 2021 – JLL Capital Markets announced today that it has closed the sale of Riverside on the James, a 263,752-square-foot, Class A, trophy office property in Richmond, Virginia.

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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