Richmond, VA State of the Office Market Q4 2009

RICHMOND, VA--Fourth quarter highlights of the office market in Richmond, VA presented by Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., are shown below:

Leasing activity


CBD

• Investment and banking firm, BB&T/Scott & Stringfellow leased

140,000 square feet of Class A space at Riverfront Plaza. This

space was formerly occupied by Wachovia Securities and was

transformed into sublet space upon Wachovia’s departure to St.

Louis in their merger with A.G. Edwards.

• Sands Anderson Marks & Miller, a law firm, inked a deal for 38,800

square feet at The Bank of America Tower. They should move in

early in 2010, while vacating a Class B, downtown property.

• Glave and Holmes, an architectural and design firm, signed a lease

for 14,600 square feet in Shockoe Bottom.

Suburban

• Title and closing services firm, Lawyers Title, leased 27,500 square

feet in Innsbrook Office Park in Henrico County.

• Bell Techlogix, an IT consulting firm, inked a renewal of 15,300

square feet in The Arboretum Office Park of Chesterfield County.

• Family law firm, Batzli Wood Stiles, signed a deal for 11,900 square

feet at Westerre Office Park in Henrico County.

Sales activity

Suburban

• 101 West Commerce Road (41,000 square feet, Class B), located in

South Richmond, sold for $4.74 million, or $116 per square foot. The

buyer was 101 West Commerce LLC, while the seller was Thomas

Carter Ryley Inc.

Construction activity

CBD

• MeadWestvaco’s new corporate headquarters is materially complete

along the James River. Foundry Park I will encompass some

330,000 square feet over nine stories of full glass exterior. The

packaging conglomerate will be vacating their West Broad location

upon completion. Recent layoffs have led to the subleasing of certain

floors at Foundry Park. A few employees have started to move in,

however, the full occupancy will not take place until February 2010.

At that time, some 700 employees will occupy the new building.

• The Williams Mullen Center on South 10th Street is also under

development, albeit not as far along as Foundry Park I. The property

is 63.0 percent pre-leased, primarily to law firm Williams Mullen. The

building should be ready next spring. Upon moving into their new

headquarters, Williams Mullen will be vacating 120,000 square feet

at James Center II.
 
 
Contact:   Perry H. Moss, CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com