RICHMOND, Va. -- For the second time in as many years, Gagan Marwaha saw a totally empty office building as an opportunity.
Last month his firm, Marwaha Investments, bought the six-story Patriot Tower at 101 Gateway Centre Parkway in Chesterfield for $5.75 million. That’s around $46 per square foot.
The 127,000-square-foot building, once occupied entirely by defense contractor Northrop Grumman, is vacant.
That’s in a time when many see office space as the weakest sector of commercial real estate. But Marwaha has a blueprint he’ll follow to make the most of his empty-building gamble.
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