SunTrust Enterprise Middle. Picture courtesy of Cushman & Wakefield | Thalhimer
Genworth Monetary Inc. has subleased 174,378 sq. ft of house from Truist Financial institution at SunTrust Enterprise Middle in Henrico County, Va., fairly than construct a brand new headquarters at its former Richmond, Va., campus.
The monetary companies firm has additionally signed a direct lease with FD Stonewater, proprietor of the property at 11011-11013 W. Broad St., to start when the sublease expires.
Genworth, which can be the mother or father firm of Enact Holdings Inc., a number one mortgage insurance coverage supplier, might be relocating its headquarters and US Life workplaces from a brief location at 6603 W. Broad St. to the brand new West Broad Road location. The SunTrust Enterprise Middle has a complete 204, 622 sq. ft of house and is positioned within the coronary heart of the West Broad/I-64/Innsbrook/Quick Pump space.
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The corporate had been planning to construct a brand new headquarters at its earlier four-building campus at 6620 W. Broad St., which dates again to the Nineteen Seventies and early Eighties. A Genworth spokesperson informed the Richmond Instances-Dispatch the corporate determined to lease the SunTrust Enterprise Middle house fairly than look forward to a newly constructed constructing on the authentic campus as a result of the method would transfer extra shortly. She cited issues about delays with provide chain points and rising prices of constructing supplies as components within the choice. As a result of the SunTrust house was totally renovated simply 4 years in the past, the spokesperson stated the corporate can get the house prepared sooner for its staff, that are at present working hybrid schedules.
Genworth nonetheless plans to redevelop the 6620 W. Broad St. web site and is contemplating constructing a mixed-use improvement with workplace house, retail, eating places, townhomes and residences on the 46-acre property. They’re nonetheless researching builders and count on to maneuver ahead subsequent 12 months with a choice on how and when to proceed.
SunTrust house
The 2 buildings are positioned on a 32.34-acre campus and have state-of-the-art constructing facilities, together with a café and lounge. Different tenants embody Wipro, Magellan, Dwelling Care Delivered and EAB, which introduced in June that it was leasing 70,000 sq. ft on the web site. Gov. Glenn Youngkin stated in an announcement that EAB, a supplier of schooling analysis, know-how, advertising and marketing and enrollment options, can be including greater than 200 jobs and investing at the very least $6 million over 5 years on the property. Youngkin stated the Virginia web site competed with different EAB places throughout the nation for the lease. EAB consolidated two different Richmond places into the brand new workplace house at SunTrust.
FD Stonewater acquired the two-building asset from Bridge Funding Group in Could 2018 for $62.4 million. Bridge had solely owned the property for a 12 months however had finished intensive renovations totaling about $30 million throughout that point.
Cushman & Wakefield | Thalhimer, which dealt with the Genworth sublease, additionally organized the sale of the constructing to FD Stonewater on behalf of Bridge.
Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer, together with Jamie Smith of Cushman & Wakefield’s Baltimore workplace, represented Genworth within the transaction. Paul Silver, Brian Berkey and Karla Knight of Cushman & Wakefield | Thalhimer’s Tenant Illustration Group, in addition to Hap Royster and William Woltz of Cushman & Wakefield’s Winston-Salem, N.C., workplace labored on behalf of Truist. Amy Broderick and Jeffrey Cooke, additionally with Thalhimer, represented FD Stonewater.
