H
olland Tower, a six‑story, nearly 200,000‑sq‑ft office building on Edward Holland Drive, was built in the 1990s by Robinson Development Group of Virginia Beach. In a rapid succession of acquisitions, Gagan Marwaha of Marwaha Investments paid $13 million for the property on Tuesday, following a $31 million purchase of Deep Run III in Henrico and a $7 million stake in Gateway Centre II in Chesterfield.

    Marwaha’s strategy centers on distressed office assets that can be revitalized and subdivided for smaller tenants. The Holland Tower’s anchor tenant, Anthem, has already vacated its 90,000‑sq‑ft lease, which expires in June, leaving roughly half the building empty—a situation Marwaha sees as a “value‑add” opportunity. “I’ll have 50 percent of the building vacant. That’s the value‑add,” he said, explaining why the attractive asset was acquired for $13 million.

    The sale was from Robinson Development Group, which co‑owned the building with Anthem. The 12‑acre parcel was last assessed at $21.7 million. Marwaha noted that the transaction involved a split of the land: one half was conveyed outright, while the other half was a 50‑year ground lease that he assumed. He described the process as “very complicated” but ultimately resolved.

    This purchase marks the sixth office building Marwaha has bought in roughly 24 months, with a total of $66 million spent. The portfolio includes Deep Run III (355,000 sq ft), Gateway Centre II (74,000 sq ft), and the former Patriot Tower, all of which he has renamed: Holland Tower is now Marwaha Tower III, Patriot Tower is Marwaha Tower I, Gateway Centre II is Marwaha Tower II, and Deep Run III has become Marwaha Business Plaza. Colliers will manage leasing for Marwaha Tower III.

    Marwaha declined to disclose financing details, noting he has no external investors or partners. He began his career acquiring single‑family homes, then expanded into a 400‑unit apartment complex in Petersburg. Although he has focused on office properties for the past two years, he remains interested in apartments, citing overvaluation in that market. “We are very excited about the casino coming and the future of Petersburg. I just believe apartments are overvalued and they need to be corrected for me to get back into it,” he said.

    By targeting high‑vacancy assets, Marwaha can quickly improve occupancy and generate stronger returns. He is actively scouting for additional opportunities across the region, especially in Class‑A office buildings where institutional exits are creating openings. “I believe we are lucky to be in Richmond,” he added, emphasizing his commitment to the local market and his aggressive growth plans.