Joint Venture Led by District Bay and Joe Ersek Start Major Exterior Renovation to Bank of America Center
(Richmond, VA – July 1, 2016) A joint venture between Washington, DC based District Bay Realty Advisors and developer Joe Ersek has commenced work on a multimillion dollar exterior renovation to the Bank of America Center building, located in downtown Richmond at 1111 East Main Street.
The first major exterior renovation since the building’s construction in 1973; the development team is recoating the exterior façade in a brand new masonry product. This material gives the façade a smooth, granite-like finish that will significantly brighten and enhance the appearance. Bank of America Center is one of the largest projects in the country utilizing the new material.
“The exterior renovations underway at the building will significantly improve the image; giving it a modern look consistent with recent interior improvements,” said Malcolm Randolph, Senior Vice President with CBRE|Richmond and leasing representative for the building. “This is a major step towards bringing Bank of America Center to a modern finish level that businesses expect in a downtown office tower. These improvements and the prime building location strengthen its position as an attractive option for office users.”
District Bay and Ersek purchased the building in February 2016 and intend the renovation to be the first of multiple cosmetic improvements to the building. “This is an important project for both us and Joe. We plan to continue this momentum with a new courtyard and other improvements that we are excited to announce in the near future” said Michael Wheeler, a Managing Partner with District Bay. “This is our second project in Richmond, after Stony Point Shopping Center, which we purchased as part of a separate partnership. This is a market we continue to find very attractive and I think our improvements will be very well received.”
Malcolm Randolph (firstname.lastname@example.org) & Scott Durham (email@example.com) with CBRE Richmond, represent the venture in marketing and leasing for Bank of America Center. Please contact them with any leasing inquiries.
About District Bay
District Bay Realty Advisors is a vertically integrated investment, development and management firm with offices in Washington, DC and the San Francisco Bay Area. It provides investment, property and project management services to its venture partners and third party clients across select markets in the United States. The firm was launched in 2016 by Verris Capital principals, Michael Wheeler & Kelly Cooper. For more information about District Bay, visit our website at districtbay.com.
About CBRE – Richmond
CBRE|Richmond is a CBRE, Inc. affiliate office serving the Central Virginia region. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2015, CBRE|Richmond completed 407 lease transactions encompassing 4.5 million square feet and totaling $324 million in value. The Richmond office also completed 75 sales transactions in 2015 with a total value of $244 million. For more information about the Richmond office, visit our website, www.cbre.com/richmond.