Transamerica Building Sold For $9M

by Arkansas Business Staff  on Thursday, Nov. 29, 2018 4:17 pm   1 min read

The Transamerica building in west Little Rock has sold for more than $9 million to 1400 Centerview LLC, a group of investors that includes Larry Crain Jr., Jeff Hathaway, John Hathaway and Wes Martin of Hathaway Group and other clients of the Little Rock firm.

The seller was the Transamerica Life Insurance Co. of Cedar Rapids, Iowa.

One floor of the 100,000-SF, three-story office building at 1400 Centerview Drive has been leased to Tata Consultancy Services. Transamerica will continue occupying a portion of the ground floor. Tata has has absorbed 200 former Transamerica employees as part of a $2 billion IT services deal.

Up to 35,000 SF of contiguous space and smaller spaces in the building are available for lease.

The property also includes more than 8 acres of adjacent land south of the existing structure, where the new owners plan to construct additional office space for future tenants.

Hathaway Group represented the buyer and will serve as property manager and exclusive

“Class A office space of this size and quality is uncommon in the west Little Rock sub-market,” Martin, the firm’s vice president, said in a news release. “We have a rare product, and every high-end office user will be interested.” He and Senior Vice President John Hathaway will serve as the primary leasing contacts for the building.

The new owners plan to invest in enhancing the property’s landscaping, lighting and common areas; funds are budgeted for demising and tenant finish as needed.

All of that work will be overseen by Silver Development Co., a general contractor owned by Crain. Financing is provided through First Security Bank.

 

 

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