Main Street Tower is a prime, 14-story, Class A office tower located in the heart of Norfolk’s financial district.

Norfolk’s Main Street Tower Changes Hands

NORFOLK, VIRGINIA – With years of experience leasing the Crestar Bank Building and leasing and managing Town Point Center, Divaris Real Estate is no stranger to the office market in downtown Norfolk.  Most recently, DRE and Divaris Property Management Corp. secured the management and leasing assignment of Main Street Tower, located at 300 East Main Street in Norfolk. The building is a prime, 14-story, Class A office tower located in the heart of Norfolk’s financial district.

“We are thrilled to have secured this assignment,” said Michael Divaris, president of DRE. “It’s a great location – only one block from the upscale MacArthur Center Mall -- it is close to Waterside Marketplace, Town Point Park and has excellent views of the Elizabeth River.” 

DRE is no stranger to Main Street Tower, either.  The building broke ground in 1988 and was then to be called First American Financial Centre.  However, the title tenant pulled out and builder Rowe Development Company floundered into bankruptcy.  Halfway through development, the construction loan was in default, and progress was abruptly halted on the 14-story structure, covered in blue-tinted glass. 

In December 1992, the Special Commissioners of the Norfolk Circuit Court received approval to arrange for the disposal of the property.   The choice of brokers came down to three top area firms: two in Norfolk, and DRE in Virginia Beach. Divaris was the only firm with the national and international contacts that the Commissioners thought were essential to find a developer to complete the project. 

 In six short months, Divaris had found that buyer. 

With an all-cash deal, NeVa Properties, Ltd. bought the building in 1993 for over $1 million more than the city had offered.  Construction was completed and the newly named Main Street Tower opened in 1994.  Ownership remained with NeVa Properties until 2002 when New Mexico-based BGK Properties Inc. purchased it for nearly $15 million. 

Once again, DRE became a part of the property’s history when BGK selected Divaris Real Estate to exclusively lease and manage Main Street Tower.   The decision-makers of BGK were impressed with the professionalism and diligence DRE displayed in leasing and managing other BGK projects in Hampton Roads that Divaris leases and manages for them, including two office-warehouse buildings in the Lynnhaven submarket of Virginia Beach.

The DRE office leasing team of Vivian Turok and Maureen Rooks is handling the leasing of Main Street Tower while Rob Stanton, senior property manager of DPMC, is in charge of the property management. 

The 210,000-square-foot office tower is attached to a city-owned multi-level parking garage with a skywalk. At 92 percent leased, its largest tenant is The United States Coast Guard, which occupies 90,000 square feet.  Other major tenants include Bank of America, SouthTrust Bank and Northwestern Mutual Life Insurance Company.