THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, September 6, 1995 TAG: 9509060453
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY STEPHANIE STOUGHTON, STAFF WRITER
DATELINE: NORFOLK LENGTH: Short : 42 lines
First Virginia Banks Inc. has sold its downtown office tower on Main Street to Harbor Group Real Estate for $5.7 million, company officials said Tuesday.
The 17-story First Virginia Tower has had just one owner since it was built in 1977. Officials with Falls Church-based First Virginia could not be reached for comment late Tuesday.
The buyer, Norfolk's Harbor Group, sees gold in the city's downtown. It hopes to capitalize on plans to revitalize the area, which include constructing the upscale mall MacArthur Center and locating Tidewater Community College in renovated buildings.
``The First Virginia Tower . . . reflects our sincere belief in the vitality of downtown Norfolk,'' said Jordan E. Slone, chairman and chief executive officer of Harbor Group.
``Many professional companies are realizing that a downtown address is not only advantageous and prestigious but also competitive with the suburban market,'' he said.
Slone said there will be no big changes to the building. First Virginia Banks recently made $1 million in renovations to the tower. For its part, Harbor Group plans to make over the lobby, parking decks and landscaping.
First Virginia Tower, with its plush carpeted lobby and marble tile, is at 555 Main St. The 297,000-square-foot building includes a six-floor parking garage and a conference and lounge area.
The tower is 85 percent occupied with tenants such as First Virginia Bank of Tidewater and the General Services Administration.
The bank has signed a 15-year lease with Harbor Group. Goodman Segar Hogan Hoffler will continue as the building's leasing agent.
Harbor Group Real Estate, founded in 1985, has a portfolio of more than 6 million square feet of property, including several apartment complexes in the Southeast. by CNB