Bank of America Center Sells for $38M

An investment team led by New York-based Longships Capital Partners struck a deal with Bank of America (operating under the name Villa Park Richmond LLC) to acquire the Bank of America Operations Center in Richmond, VA. The buyer paid $38 million for the 46-acre corporate campus, which is 100% leased by the financial institution through June 2022.

The in-place lease stipulates that the tenant will not pay the remainder of the current term, and will only contribute to operating expenses. Cushman & Wakefield | Thalhimer’s Capital Markets Group brokered the transaction between the buyer, and seller.

Situated at 8011 Villa Park Dr., the campus consists of five buildings totaling more than 700,000 square feet. The buildings delivered between 1985-2008, and are interconnected. In addition to corporate offices, the asset’s amenities include open work areas, a café, a fitness facility and a stand-alone enterprise data center.

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