WINSTON-SALEM, N.C. -- R.J. Reynolds Tobacco Company announced Thursday it has sold the historic Reynolds Building to a partnership consisting of PMC Property Group and Kimpton Hotels & Restaurants for $7.8 million.
According to a news release, the building will be converted into a mixed-use building consisting of a boutique hotel, restaurant and upscale apartments.
The Reynolds Building is a 22-story art-deco style building in downtown Winston-Salem completed in 1929.
Earlier this month, The Forsyth County Historic Preservation Commission reviewed the building during a consideration of adding the building to the National Register of Historic Places.
The building has been on the market since November 2009. The 313,996-square-foot building is valued at $12.3 million, according to Forsyth County tax records.
“From the beginning our goal was to take extra time, care and effort ensuring we did this the right way. We wanted to come to the best result, not only for us but also for the city of Winston-Salem and the building itself, considering its historic significance,” said Andrew D. Gilchrist, president and chief commercial officer of RJRT.
Ron Caplan, president and founder of Philadelphia-based PMC Property Group, added, “We have had our eye on downtown Winston-Salem for a number of years, and we are ecstatic that our first foray into the city is such an important landmark as the Reynolds Building. We are looking forward to bringing our upscale residential living experience to the area and introducing a dynamic, downtown destination with our partner, Kimpton Hotels.”
Designed by New York architectural firm of Shreve and Lamb, the Reynolds Building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.