R.J. Reynolds Tobacco said yesterday that it had sold the historic Reynolds Building in Winston-Salem, North Carolina, for $7.8 million to a partnership comprising the PMC Property Group and Kimpton Hotels & Restaurants.
The building is to be converted into a mixed-use building comprising a “boutique hotel, restaurant and upscale apartments.”
“From the beginning our goal was to take extra time, care and effort ensuring we did this the right way,” said Andrew D. Gilchrist, president and chief commercial officer at RJRT.
“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.
“We are confident that we have found the right owners to successfully transform this beautiful building while still honoring its place in the community, and once again make the Reynolds Building a centerpiece of downtown activity.”
Located in downtown Winston-Salem, the Reynolds Building is a 22-story art-deco style building completed in 1929.
Designed by the highly acclaimed 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.