Newmark has arranged the $26 million sale of 150 West Main Street, a 233,772-square-foot trophy office tower in Norfolk, Virginia’s Waterside District. The high-rise office asset, located in the heart of the city’s downtown waterfront area, was sold by Gate Petroleum Company to buyer Kawa Capital Management. Newmark professionals Mark Williford, Will Bradley and Evan Wells brokered the transaction on behalf of the parties.
According to Newmark, 150 West Main Street has averaged approximately 90% occupancy since it was constructed in 2002 while consistently achieving the highest rents in its market. Executive Managing Director Mark Williford described the property as an example of both tenant and capital’s flight to quality, underscoring sustained demand for well-located, Class A office space in this part of Norfolk despite broader sector headwinds.
The 21-story tower stands as a prominent office address in downtown Norfolk, offering high-quality construction and tenant buildouts. The property is positioned within Virginia’s Waterside District, placing office tenants close to a concentration of waterfront amenities and services. The building’s on-site offerings are complemented by convenient access to surrounding dining, retail and entertainment options.
Sited along the Elizabeth River, 150 West Main Street provides direct access to more than 60 restaurants and over one million square feet of retail and entertainment space in the immediate area. This concentration of nearby amenities supports the property’s positioning as a trophy office destination within the downtown core, giving tenants a walkable environment that includes food, shopping and leisure uses.
The combination of sustained high occupancy, premium rental performance and a location within a dense amenity base has helped establish 150 West Main Street as a leading office property in Norfolk’s central business district. The latest sale to Kawa Capital Management, arranged by Newmark, extends the asset’s track record under new ownership while maintaining its role as a key office tower within the Waterside District.
