Investment Strategy: Stabilized Asset Secondary Market
420,000 SF (2 Buildings)
FD Stonewater purchased this asset in 2018 within the firm’s stabilized asset, secondary market strategy. This two-building, 100% leased, Class A office campus is located on the eastern edge of Richmond’s premier retail corridor. The anchor tenant, SunTrust Bank, utilizes the space as the regional headquarters and selected this location over newer build-to-suit office product, largely due to the branding opportunity, central location, and existing building infrastructure. SunTrust Center has received more than $35 million in renovations, including core upgrades, common areas, and new tenant amenities. This is the second investment in FD Stonewater’s partnership with a foreign, family office investor formed to acquire assets in the United States.