Real estate investment trust buys MeadWestvaco building

Jul 10, 2013 (Menafn – Richmond Times-Dispatch – McClatchy-Tribune Information Services via COMTEX) –A Massachusetts-based real estate investment firm bought the downtown headquarters building of packaging giant MeadWestvaco Corp.

Select Income REIT disclosed in a Securities and Exchange Commission filing that it paid 143.6 million to acquire the 310,950-square-foot building at 501 S. Fifth St. from Richmond-based NewMarket Corp.

The sale will not affect MeadWestvaco’s lease of the office building, said Bruce Hazelgrove, a vice president at NewMarket. MeadWestvaco’s lease runs through June 2023 with pre-negotiated extension options beyond that.

NewMarket, a fuel additives maker with its headquarters near the MeadWestvaco building, built the nine-story office building as part of a larger, planned mixed-use development it calls Foundry Park….read more

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