Harbor Group International has added the 403,276 sq. ft. Dominion Tower in downtown Norfolk, Va., to its portfolio for $53.3 million. An unnamed affiliate of HGI purchased the property and its 1,255-space parking garage from New Life Towers of Nashville, Tenn.
"Dominion Tower is a prestigious Class-A building in downtown Norfolk and a key component of Harbor Group International's acquisition strategy," says Sid Bridge, spokesman for Harbor Group International. "Downtown Norfolk is a strong office market that continues to show solid signs of growth."
Built in 1987, the property is 85% occupied. Prominent tenants include Wachovia Bank, American Management Systems Inc., Williams Mullen Hofheimer Nusbaum, LeClair Ryan, KPMG, Merrill Lynch, New York Life Insurance, Royster-Clark and Harvey Lindsay Real Estate.
Harbor Group also owns the 228,000 sq. ft. 500 East Main Street building, among other smaller properties, in the downtown Norfolk area.