Another corporate headquarters for Richmond?
- November 24, 2010
A unnamed company is considering the Richmond market, among others, for a possible 400,000-square-foot headquarters location, according to a recent market report from the Richmond office of CB Richard Ellis. While the identity of the company isn’t known, it’s reportedly looking for 200,000 square feet of office space and 200,000 square feet of warehouse space, with the locations close to each other.
Sources in the real estate community say the company, which is working with a site consultant, also is scouting Raleigh, N.C., Richmond’s frequent competitor for business prospects.
The Richmond metro market currently has at least three office buildings that could meet the size requirement. There are two vacant buildings in Henrico County in the Deep Run area that served as the former headquarters for Circuit City before the company declared bankruptcy and closed its stores in 2009. The Westmark II office building on West Broad Street near the entrance to Innsbrook Corporate Center also fits the bill. MeadWestvaco occupied much of that building, but the company moved out late last year, after building a headquarters in downtown Richmond.
DRCC Properties LLC, a partnership partially controlled by Henrico County developer Thomas Pruitt, recently purchased the 288,000-square-foot Circuit City headquarters, paying $2.7 million for 58 acres and $3 million for the building. At the time, it said it planned to renovate the property and lease it to one or more tenants.
Richmond brokers confirmed that an outside company is exploring the market, and pointed out that warehouse properties are available near Richmond International Airport and near Walthall in Chester, off Interstate 95.
MeadWestvaco, a global paper and packaging company, was the last Fortune 500 company to locate its headquarters in Richmond. Five other Fortune 500 firms, Altria, Dominion Resources Inc., CarMax, Genworth and Owens & Minor, are also located in the Richmond area.