150 West Main Street

150 West Main Street

View of the tower from across the Elizabeth River
General information
Status Complete
Type Office
Location 150 West Main Street
Norfolk, Virginia 23510
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 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

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

The 20-story tower contains 234,000 sq ft (21,700 m2) of leasable space,[3] managed by CB Richard Ellis.[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

External links

References

  1. 1 2 "Norfolk Restaurants Downtown" Norfolk Visitors Guide
  2. ↑ Newswanger, Philip: "Wachovia Center to set standard downtown" Hampton Roads Business Journal, April 23, 2007
  3. ↑ "150 West Main Street" CMSS Architects
  4. 1 2 3 "CB Richard Ellis retains leasing and management of 150 W. Main in downtown Norfolk" CB Richard Ellis, February 8, 2008
  5. ↑ Newswanger, Philip: "Price was more than double the appraised value" Hampton Roads Business Journal, March 19, 2007
  6. ↑ "St. Joe Company Completes The Sale Of Norfolk, Virginia Office Building For $56 Million" St. Joe Company Press Release, August 7, 2007

Coordinates: 36°50′49″N 76°17′36.2″W / 36.84694°N 76.293389°W / 36.84694; -76.293389

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