This 17-story office tower is located in the downtown central business district of Richmond, approximately one block from the state capitol.

An immediate repositioning of the property commenced and over 80,000 square feet of leases were completed. Additionally, a comprehensive refurbishment program was initiated to address significant deferred maintenance of the building.

9th and Cary Street Parking Facility
The adjoining multi-level parking facility and land parcel were also acquired for future development. This acquisition increased the site density from the existing 275,000 square feet to 750,000 square feet of allowable zoning.

VALUE ACHIEVED

• Occupancy was increased from 67% to 90% in six months.
• Net operating income rose by 30% within the first year of ownership.
• Increased the credit tenant ratio.
• Upgraded the tenant mix which included the conversion of a vacant non-performing 70,000 space into viable office and retail uses.