Westgate II
Commonwealth Industrial Companions LLC has been retained to offer leasing companies for an 11-building, 726,000-square-foot Class A workplace portfolio in three Richmond, Va., submarkets within the Henrico and Glen Allen counties, together with Innsbrook, Glenside/Broad and Brief Pump City Middle.
CCP was chosen by the belongings’ main supervisor, Seminole Path Administration. Along with its new leasing duties, the agency will proceed to offer property administration companies throughout the portfolio.
The Richmond-area portfolio, in-depth
In response to CommercialEdge info, the belongings within the portfolio have been constructed between 1984 and 2008 and are solely owned and operated by Lingerfelt Commonwealth Companions. Tenants embrace each native companies and national-level firms comparable to Northwestern Mutual, Dominion Development Companions and The Hanover Insurance coverage Group, CommercialEdge information reveals.
The Henrico-area buildings embrace:
- Westgate II, situated at 200 Westgate Pkwy., a 60,226-square-foot constructing.
- Westerre III and Westerre IV, two workplace complexes situated at 3900 Westerre Pkwy. and 3901 Westerre Pkwy. respectively. The 2 buildings complete 154,248 sq. toes.
The properties in Glen Allen are:
- 7130 Glen Forest Ave., an 80,323-square-foot property.
- Innsbrook Commons, a 60,169 square-foot. constructing at 4121 Cox Rd.
- The Commonwealth Constructing at 4198 Cox Rd., a 44,089-square-foot workplace complicated.
- Rowe Plaza, a 72,655-square-foot facility situated at 4510 Cox Rd.
- Liberty Plaza, 80,397 sq. toes of workplace house at 4801 Cox Rd.
- The Suez Constructing a 58,726-square-foot asset located at 4880 Cox Rd.
- Know-how Pointe I and II, two buildings situated at 5000 and 5500 Cod Rd. that complete 112,263 sq. toes.
Liberty Plaza
The CCP crew slated to handle the portfolio’s leasing is being led by Senior Vice President & Accomplice Russell Wyatt, First Vice President Eric Hammond and Senior Affiliate Eliza Izard.
Richmond’s leasing panorama
Current leasing and development exercise from monetary service firms, alongside a motion of presidency jobs to the world has given a lift to the Richmond workplace market, even because the sector struggles on a bigger scale, information from a fourth quarter 2022 report from CBRE reveals. Within the remaining three months of 2022, 9 high-profile tenants signed new leases and subleases totaling 311,000 sq. toes, a 14 p.c enhance from the earlier quarter, however a 73 p.c lower from the earlier 12 months, in response to the report.
READ ALSO: Workplace Subleasing Methods
One latest high-profile sublease within the space was just lately inked by Genworth Monetary, which determined to occupy current house versus look forward to the development of a brand new headquarters. In December of 2022, the agency signed a 174,378-square-foot sublease on the SunTrust Enterprise Middle in Henrico County, pausing on its growth plans for a brand new headquarters on West Broad Avenue.
