Cushman & Wakefield | Thalhimer completes sale of The ADP Building in Downtown Norfolk
NORFOLK, VA — Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented City Walk Two, LLC in the sale of The ADP Building located at Two Commercial Place in Downtown Norfolk’s waterfront district. The 288,662 s/f class A office building is 100% leased to AA-credit tenant ADP.
The Hampton Roads Economic Development Authority calculated that ADP will generate $1 billion in economic activity each year for Hampton Roads. “To be able to deliver ADP to the region is one of my proudest accomplishments,” Buddy Gadams, president and owner of Marathon Development Group said. Proceeds from the sale to the REIT will be reinvested in Hampton Roads. “I am going to put this money right back to work doing what I love doing, giving new life to beautiful old buildings,” Gadams said.
The Purchaser, a Real Estate Investment Trust based out of Boston, MA, acquired the trophy asset on April 28, 2017 for $57 million. The sale was completed by Eric Robison, senior vice president of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Eric Berkman of Cushman & Wakefield in Washington, D.C. Robison stated, “A year ago this was an empty 288,662 s/f building, but with a tremendous vision and leveraging the positive momentum in Norfolk, the seller was able to turn this asset into a fully leased, best-in-class asset, that received a remarkable amount of interest from the investment community.”