FOR IMMEDIATE RELEASE
October 4, 2004
HARBOR GROUP INTERNATIONAL PURCHASES DOWNTOWN NORFOLK
OFFICE TOWER
Harbor Group International, LLC (HGI) of Norfolk, Virginia, has acquired
the 403,276 square foot, 26-story Dominion Tower in downtown Norfolk,
Virginia.
An affiliate of HGI purchased the property and its accompanying 1,255-space
parking garage from New Life Towers of Nashville, Tennessee, at a purchase
price of $53,300,000.
"Dominion Tower is a prestigious Class A building in downtown Norfolk and
a key component of Harbor Group International’s acquisition strategy,” said
Sid Bridge, Harbor Group International Spokesman. “Downtown Norfolk
is a strong office market that continues to show solid signs of growth.”
Built in 1987, the property is currently 85% occupied. Prominent
tenants include Wachovia Bank, American Management Systems, Inc., Williams
Mullen Hofheimer Nusbaum, LeClair Ryan, KPMG, Merrill Lynch, New York
Life Insurance, Royster-Clark, and Harvey Lindsay Real Estate.
Downtown Norfolk is in the midst of a renaissance. Popular attractions
include Waterside Festival Marketplace, Nauticus, MacArthur Center mall,
and the Norfolk Tides baseball team. A string of recent major announcements
has heralded the construction of two new residential towers, a downtown
headquarters for Trader Publishing and a new Hilton Hotel.
The acquisition of Dominion Tower increases HGI’s already strong
foothold in the downtown Norfolk office market. Within the downtown
Norfolk area, HGI owns the 228,000 square foot 500 East Main Street building,
the 125,000 square foot 555 East Main Street building, the 53,000 square
foot Crown Center building, and the 53,000 square foot City Centre building.
HGI recently announced that BB&T would be the new anchor tenant of
500 East Main Street and that RBC Centura Bank would be the new anchor
tenant of 555 East Main Street.
Dominion Tower has an enviable location at 999 Waterside Drive, adjacent
to Interstate 264. The property has unobstructed 360-degree views
of the Elizabeth River and the Norfolk skyline. Dominion Tower is meticulously
constructed with a polished granite exterior, high quality building systems,
and a dramatic lobby which houses numerous building amenities. The
attached eight level parking garage contains 1,255 parking spaces, of
which 372 spaces are retained for use by the adjacent Sheraton Hotel,
leaving an attractive parking ratio of remaining spaces of 2.2 for each
1,000 rentable square feet of office area.
The acquisition of Dominion Tower continues HGI’s aggressive acquisition
strategy of the past few years. HGI has acquired other prominent central
business district office properties such as State House Square in Hartford,
Connecticut; Wachovia Tower in Baltimore, Maryland; PNC Center in Cincinnati,
Ohio; One Enterprise Center in Jacksonville, Florida; and National City
Center in Indianapolis, Indiana.
Harbor Group International currently owns $900 million worth of properties
in 14 states in the United States. For more information, visit
the company’s website at www.harborgroupint.com .
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