150 West Main Street
| 150 West Main Street | |
|---|---|
 View of the tower from across the Elizabeth River | |
 | |
| General information | |
| Status | Completed |
| Type | Office |
| Location | 150 West Main Street Norfolk, Virginia 23510 |
| Completed | 2002 |
| Owner | Gate Petroleum |
| Height | |
| Roof | 292 ft (89 m) |
| Top floor | 21 |
| Technical details | |
| Floor count | 20 |
| Floor area | 234,000 sq ft (21,700 m2) |
| Design and construction | |
| Architect(s) | CMSS Architects |
| Developer | City of Norfolk, Robert Stanton & Tom Robinson |
150 West Main Street is the fourth tallest building in Downtown Norfolk, Virginia, United States. Norfolk's highest rated restaurant, Todd Jurich's Bistro, is located on the building's ground floor.[1]
History
[edit]In 2000, Norfolk's office vacancy rate was well below 10%. The development was a joint project between the city of Norfolk and a limited liability company headed by local businessmen Tom Robinson (Robinson Development Group) and Robert Stanton (Stanton Partners, Inc.). The 840-space parking facility, which occupies the second through tenth floors, was financed by the city of Norfolk. When the highrise opened in 2002, a large number of tenants in older properties, especially the Bank of America Center, built in 1967, moved to the new Class "A" building when their leases expired.[2]
Structure
[edit]The 20-story tower contains 234,000 sq ft (21,700 m2) of leasable space,[3] managed by CBRE Group.[4]
A branch office of SunTrust occupies part of the ground floor, and their name is on the banner sign at the top of the building. Todd Jurich's Bistro, a full-service restaurant established in 1992, changes its menu regularly based on the availability of fresh seasonal ingredients. Their wine selection is notable, and they have several private dining rooms.[1] The lobby features original artwork on display, and a 2,000 sq ft (190 m2) penthouse is available to tenants for conferences and meetings. The building has 24/7 security and a backup generator provides electricity during power outages.[4]
In 2005, the original investors sold the property to the St. Joe Company for $50.5 million.[5]
On August 7, 2007, St. Joe sold the 98% leased building to Eola Capital, LLC for $56 million.[6]
Finally, Gate Petroleum acquired the building on February 8, 2008. At the time, the occupancy rate was 97% with just three vacant suites. The majority of lessees are legal and financial businesses, including dozens of lawyers, Certified Public Accountants, and prominent firms: Troutman Sanders, Kaufman & Canoles, Virginia Natural Gas, CB Richard Ellis brokerage and Wachovia Securities.[4]
See also
[edit]External links
[edit]- Downtown Norfolk's information page about the building
- CBRE flyer - 150 W. Main St.
- Norfolk Navigator property page
References
[edit]- ^ a b "Norfolk Restaurants Downtown" Norfolk Visitors Guide
- ^ Newswanger, Philip: "Wachovia Center to set standard downtown" Archived 2011-07-13 at the Wayback Machine Hampton Roads Business Journal, April 23, 2007
- ^ "150 West Main Street" CMSS Architects
- ^ a b c "CB Richard Ellis retains leasing and management of 150 W. Main in downtown Norfolk" Archived 2011-07-16 at the Wayback Machine CB Richard Ellis, February 8, 2008
- ^ Newswanger, Philip: "Price was more than double the appraised value" Archived 2011-07-13 at the Wayback Machine Hampton Roads Business Journal, March 19, 2007
- ^ "St. Joe Company Completes The Sale Of Norfolk, Virginia Office Building For $56 Million" Archived 2011-07-13 at the Wayback Machine St. Joe Company Press Release, August 7, 2007