HFF closes deal for MeadWestvaco headquarters

By IVCPOST Staff Reporter

Jul 09, 2013 10:32 PM EDT

HFF (Holliday Fenoglio Fowler, L.P.) announced that they were able to close the sale of the MeadWestvaco World Headquarters which is a a 310,950-square-foot, trophy office building in Richmond, Virginia.

NewMarket Corportation hired HFF to market the property. The Select Income REIT (Real Estate Investment Trust) purchased the asset for US$143.6 million, excluding transaction costs.

Located at 5, James River Park and Richmond's River District, the MeadWestvaco World Headquarters was completed in 2009 as a build to suit structure for the global packing and solutions firm. The building is a nine storey property that features a conference and training center as well as a cafeteria, fitness center and coffee shop. The building has a Four Globes rating from the Green building initiative, giving the MeadWestvaco World Headquarters the highest rating available.

Senior managing director for HFF Dek Potts said, "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."  

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