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MeadWestvaco World Headquarters, 501 South Fifth Street
Richmond, VA
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| Dek Potts |
WASHINGTON, D.C. – HFF announced today that it has closed
the sale of the MeadWestvaco World Headquarters, a 310,950-square-foot,
trophy office building in Richmond, Virginia.
HFF marketed the property on behalf of the seller, NewMarket
Corporation. Select Income REIT
purchased the asset for $143.6 million free and clear of existing debt,
excluding transaction costs.
The MeadWestvaco World Headquarters is located at 501
South 5th Street on the banks of the James River close to Interstates 95
and 195, James River Park and Richmond’s River District.
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| Stephen Conley |
Completed in 2009 as a build-to-suit for the global packing
and packaging solutions firm, the nine-story property features a conference and
training center, cafeteria, coffee shop, fitness center with locker rooms, and
has a Four Globes rating from the Green Building Initiative, which is the
highest rating available.
The HFF investment sales team representing the seller was
led by executive managing director Stephen Conley, senior managing
directors Dek Potts, Jim Meisel and Andrew Weir and senior real
estate analyst Jess Dickinson.
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| Jim Meisel |
According to Dek Potts, “HFF was very pleased with the response from the
investment community for this trophy quality asset. Everyone who toured the property recognized its irreplaceable
location on the banks of the James River and the intrinsic value of the asset,
as well as MeadWestvaco’s strong credit and commitment to Richmond. These qualities led to highly competitive pricing
for the asset.”
NewMarket Corporation through its subsidiaries, Afton
Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and
delivers chemical additives that enhance the performance of petroleum products.
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| Andrew M. Weir |
From custom-formulated chemical blends to market-general additive components,
the NewMarket family of companies provides the world with the technology to
make fuels burn cleaner, engines run smoother and machines last longer.
Select Income REIT (SIR) is a real estate investment trust,
or REIT, which primarily owns properties that are net-leased to single
tenants. Approximately half of SIR’s
current rents are from land SIR owns in Hawaii, which is leased under long-term
leases to tenants, many of whom own buildings and operate their businesses on
SIR’s property.
The remaining revenues
come from single-tenant net-leased office and industrial properties located
throughout the United States.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873
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