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Virginia investor Marwaha makes another empty-office building gamble

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Posted at 6:22 AM, Jun 11, 2024

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.

Continue reading this story on Richmond BizSense.

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