Cushman & Wakefield | Thalhimer Advises Seller on Bank of America Operations Center Transaction
RICHMOND, VIRGINIA, January 19, 2017 – Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented an institutional client in the sale of the Bank of America Operations Center located at 8011 Villa Park Drive in Richmond, VA.
The 46+ acre corporate campus consists of five buildings totaling over 700,000 sf. The buildings were constructed between 1985 and 2008 and are generally interconnected. The campus has significant infrastructure ranging from corporate offices, open work areas, a café and fitness facility as well as multiple raised floor data halls and a standalone enterprise data center. The property is 100% leased by Bank of America through June 2022 who will continue their operations at the facility. The in place lease has a unique structure where Bank of America does not pay rent for the remainder of the current term and only contributes to operating expenses.
Longships Capital acquired the asset on January 20, 2017 for $38,000,000. The sale was completed by Eric Robison, Senior Vice President of Cushman & Wakefield | Thalhimer’s Capital Markets Group along with Cushman & Wakefield data center advisory Vice Chairman Scott Stein of San Jose, California and Rick Ingwers and Brad Rogers with Cushman & Wakefield’s Corporate Finance and Investment Banking Team.
Robison stated, “This is a truly unique asset in the Richmond market and one that the Longships team recognized immediately as an exceptional opportunity to acquire an irreplaceable corporate campus at a basis significantly below replacement cost.”
