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101 N 14th St
Richmond, VA 23219
James Monroe Building · Office Property For Sale
INVESTMENT HIGHLIGHTS
- Landmark office tower in Richmond’s CBD with strong visibility, Richmond’s CBD boasts the lowest office vacancy rate
- Surrounded by government institutions, major employers, and a hyper-amenitized micro-location featuring 13,000 multifamily units within one mile
- James Monroe Building is developable up to 6.0 FAR comprising a range of uses. This land can be used for up to 800,000 square feet of development
- Immediate access to Main Street Station and I-64 corridor, Richmond’s busiest artery, with over 138,000 daily commuters
- Flexible B-4 zoning provides exceptional flexibility, allowing for office, residential, hotel, retail, and restaurant uses
- Since 2019, over 75 development projects totaling $3.6B have been completed or are underway with many more planned
EXECUTIVE SUMMARY
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for the sale of the James Monroe Building, a 571,090 square foot office building on 3.05 acres with 600 structured parking spaces. Situated on 3.05 acres with B-4 zoning, the Property offers a range of business plan options and allows for a maximum density of 6.0 FAR subject to approval of a plan of development. The James Monroe Building provides a tremendous opportunity to reposition a landmark building at the center of downtown Richmond.
The Property is located between the James River and Greater Richmond Convention Center in the heart of Richmond’s Central Business District. Strategically positioned on Richmond’s busiest artery, the James Monroe Building sits in the path of over 138,000 daily commuters. Thousands more travel through Main Street Station: a beloved architectural gem just 500 feet from the Property with wedding and event space, an art gallery, and a welcome center.
Richmond’s Central Business District has the lowest office vacancy rate in Mid-Atlantic cities with populations exceeding 1 million. Richmond’s recent economic success, captured by this year’s 3.7% unemployment rate, 15,150 new jobs, and a 6% wage increase, is the direct result of pro-business incentives and corporate tax policy. The city is home to 70+ startups with a total aggregate funding of over $1 billion and eight Fortune 1000 companies. Driven by the flight to quality, Richmond’s tenants have an outsized demand for premium office product in the Central Business District: trophy space has a mere 0.4% vacancy and space developed since 2011 has just 1.6% vacancy.
The Property is located between the James River and Greater Richmond Convention Center in the heart of Richmond’s Central Business District. Strategically positioned on Richmond’s busiest artery, the James Monroe Building sits in the path of over 138,000 daily commuters. Thousands more travel through Main Street Station: a beloved architectural gem just 500 feet from the Property with wedding and event space, an art gallery, and a welcome center.
Richmond’s Central Business District has the lowest office vacancy rate in Mid-Atlantic cities with populations exceeding 1 million. Richmond’s recent economic success, captured by this year’s 3.7% unemployment rate, 15,150 new jobs, and a 6% wage increase, is the direct result of pro-business incentives and corporate tax policy. The city is home to 70+ startups with a total aggregate funding of over $1 billion and eight Fortune 1000 companies. Driven by the flight to quality, Richmond’s tenants have an outsized demand for premium office product in the Central Business District: trophy space has a mere 0.4% vacancy and space developed since 2011 has just 1.6% vacancy.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
921,747 SF
Building Class
B
Year Built
1976
Tenancy
Single
Building Height
28 Stories
Typical Floor Size
32,919 SF
Slab To Slab
10’
Building FAR
6.94
Lot Size
3.05 AC
Zoning
B-4 - B-4 zoning in Richmond, VA, is for the Central Business District, which allows a mix of both commercial and residential uses without special permits.
Parking
700 Spaces (0.76 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Bus Line
- Controlled Access
- Food Service
PROPERTY TAXES
| Parcel Number | E000-0125-005 | Improvements Assessment | $67,889,000 |
| Land Assessment | $9,909,000 | Total Assessment | $77,798,000 |
PROPERTY TAXES
Parcel Number
E000-0125-005
Land Assessment
$9,909,000
Improvements Assessment
$67,889,000
Total Assessment
$77,798,000
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