Order Reprints … January 26, 2021 Office Characteristic Earnings Trust fund has divested from a Richmond, VA workplace residential or commercial property for $130 million. The buyer was not divulged.

Profits from the sale will be used for basic service purposes, including the possible future acquisition or redevelopment of residential or commercial properties. Workplace Quality Earnings Trust is managed by the operating subsidiary of the RMR Team Inc.

“We are pleased with this opportunistic sale at what we believe to be a cost reflective of a long-term maintained property in spite of the renter’s lease expiring in 2024,” claimed Chris Bilotto, COO at OPI. “The $418 per square foot sale is on the same level with the greater sales comps understood in the marketplace over the previous couple of years.”