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Office Properties Income Trust Sells Richmond Office Property for $130M

Office Properties Income Trust has divested from a Richmond, VA office property for $130 million. The buyer was not disclosed.

Proceeds from the sale will be used for general business purposes, including the potential future acquisition or redevelopment of properties. Office Properties Income Trust is managed by the operating subsidiary of The RMR Group Inc.

“We are pleased with this opportunistic sale at what we believe to be a price reflective of a long-term stabilized property despite the tenant’s lease expiring in 2024,” said Chris Bilotto, COO at OPI. “The $418 per square foot sale is on par with the higher sales comps realized in the market over the past few years.”

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Sale/Acquisition