Glen Forest office complex sells for $87 million
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The Glen Forest office complex in Henrico’s Near West End, an 85-acre, 11-building portfolio between Glenside Drive, Forest Avenue and I-64, has new owners.
The complex’s owner, Brookfield Properties, sold it for $87 million Dec. 1 to a partnership between Jack Sitt Realty of New York and Gulf Islamic Investments of Dubai, U.A.E.
The complex currently has 89 tenants and is 86% leased, according to Cushman & Wakefield | Thalhimer officials, who represented the seller. Twenty-eight of those tenants are new or have expanded or renewed during the past year, with average lease terms of 4.9 years, according to CWT officials.
Neither of the new owners have stakes in the Richmond region.
“Interest in this opportunity was exceptionally competitive which speaks to the strength of the office market and overall fundamentals of the greater Richmond MSA” said Eric Robison, CWT’s executive vice president.
