A local real estate investment company has purchased part of the former Circuit City corporate headquarters in western Henrico County after the previous owner gave the property back to its lender.

Marwaha Investments purchased the five-story, 355,000-square-foot office for $31 million, Gagan Marwaha, the company's owner, said Tuesday. The company is renaming the building at 9954 Mayland Drive from Deep Run III to Marwaha Business Plaza.

Though office vacancies have crept upward in greater Richmond since the pandemic, Marwaha believes the market will rebound, and now is the time to act.

"I believe this is the best time to invest in office," he said in an interview.

After technology retail giant Circuit City declared bankruptcy in 2008, it defaulted on its lease for all three buildings i

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