American Real Estate Partners Sells Class A Richmond Office Tower to Opal Holdings
American Real Estate Partners (AREP) has completed the sale of Riverside on the James, a 263,752-square-foot office community that is one of only four trophy properties in the Central Business District of Richmond, Virginia. Located at 1001 Haxall Point, Riverside on the James was acquired by Opal Holdings.
"Our success in raising the occupancy of Riverside on the James from 82% at acquisition to 95% as well as expanding and extending two of the building's long term, credit-worthy tenants multiple times exemplifies the quality of the asset, AREP's customer-first platform and its demonstrated ability to go beyond the expected when elevating experiences for tenants, associates and visitors. We have been excited to be a part of the Richmond community for the past decade and pleased to pass the stewardship of this trophy asset to the team at Opal," said Brian Katz, co-founder and President of AREP.
Riverside on the James is leased to a diverse, creditworthy customer roster that has demonstrated a long-term commitment to Riverside. The asset also 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.
AREP has focused heavily on health and wellness to enhance the tenant and visitor experience. Riverside on the James is one of the first properties in Richmond to receive the UL Industries Verified Healthy Building Mark for Indoor Air as well as the WELL Health & Safety Rating. AREP was one of the first companies in the US to achieve the UL verification and WELL Health & Safety Rating portfolio-wide.
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 th Southeast, we anticipate this trend to continue for years to come."
Riverside on the James features views of the James River, an attached six-level parking deck, an onsite fitness center and contemporary interior design, amid surroundings that include a robust amenity base of more than 100 restaurants, eight hotels, more than 200 residential units and 630,000 square feet of retail space.
For more AREP news, please visit our AREP's Newsroom.
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager, and operating partner focused on office and mixed-use repositioning and development throughout the Greater Mid-Atlantic Region.
Since the company's founding in 2003, AREP has deployed over $4.0B across targeted geographies, acquired more than 17M SQFT of class-A real estate, and currently oversees over 10M SQFT of assets. AREP's vertically integrated real estate platform provides best-in-class expertise in all ownership disciplines, from property management and building operations to investment strategy, market research, and acquisitions. By leveraging this expertise AREP remains at the leading edge of real estate innovation maximizing building performance to provide real value. 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.
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.
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