Commonwealth Commercial Partners will move Friday into a new and larger headquarters space at 4198 Cox Road in the Innsbrook Corporate Center. The founder of the Henrico County-based commercial real estate company said the company has grown so much that it is too spread out at its current location in the Glen Forest Office Park in Henrico.
“We grew and grew and grew,” said President Mark Claud. “ This is an opportunity to consolidate operations and accommodate growth.” The company will lease about 16,000 square feet, taking most of the building’s second floor.
Started in 1996, Commonwealth Commercial has grown to a staff of 64 people, with 49 of them in the Richmond office. The company also has offices in Virginia Beach and Greensboro. It has about 10 million square feet of property under management in 22 states. “Much of the growth is being driven by property management and asset management. We have a pretty robust portfolio of property management accounts,” Claud said.
Commonwealth Commercial manages all of the property owned by Richmond-based Lingerfelt Cos., one of the region’s largest property owners. It has a portfolio of about 3 million square feet, with about 2 million of it in the Richmond area. Commonwealth also manages property for C.F. Sauer Co, a food manufacturer based out of Richmond.
Asked why the company decided to move to Innsbrook, Claud said, “We looked around, and it was one of the few spaces available that could accommodate us size wise. Plus, it’s a corporate park, and we all live out there.”
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