Commonwealth Commercial to Manage Leasing for Richmond Office Portfolio

Westgate II. Image courtesy of CommercialEdge

Commonwealth Commercial Partners LLC has been retained to provide leasing services for an 11-building, 726,000-square-foot Class A office portfolio in three Richmond, Va., submarkets in the Henrico and Glen Allen counties, including Innsbrook, Glenside/Broad and Short Pump Town Center.

CCP was selected by the assets’ primary manager, Seminole Trail Management. In addition to its new leasing duties, the firm will continue to provide property management services across the portfolio.

The Richmond-area portfolio, in-depth

According to CommercialEdge information, the assets in the portfolio were constructed between 1984 and 2008 and are entirely owned and operated by Lingerfelt Commonwealth Partners. Tenants include both local businesses and national-level corporations such as Northwestern Mutual, Dominion Construction Partners and The Hanover Insurance Group, CommercialEdge data shows.

The Henrico-area buildings include:

• Westgate II, located at 200 Westgate Parkway, a 60,226-square-foot building
•  Westerre III and Westerre IV, two office complexes located at 3900 Westerre Parkway and 3901 Westerre Parkway, respectively. The two buildings total 154,248 square feet.

The properties in Glen Allen are:

• 7130 Glen Forest Ave., an 80,323-square-foot property
•  Innsbrook Commons, a 60,169 square-foot building at 4121 Cox Road
•  The Commonwealth Building at 4198 Cox Road, a 44,089-square-foot office complex
•  Rowe Plaza, a 72,655-square-foot facility located at 4510 Cox Road
•  Liberty Plaza, 80,397 square feet of office space at 4801 Cox Road
•  The Suez Building, a 58,726-square-foot asset situated at 4880 Cox Road
•  Technology Pointe I and II, two buildings located at 5000 and 5500 Cox Road that total 112,263 square feet.

Liberty Plaza

The CCP team slated to manage the portfolio’s leasing is being led by Senior Vice President & Partner Russell Wyatt, First Vice President Eric Hammond and Senior Associate Eliza Izard.

Richmond’s leasing landscape

Recent leasing and construction activity from financial service companies, alongside a movement of government jobs to the area has given a boost to the Richmond office market, even as the sector struggles on a larger scale, data from a fourth quarter 2022 report from CBRE shows. In the final three months of 2022, nine high-profile tenants signed new leases and subleases totaling 311,000 square feet, a 14 percent increase from the previous quarter, but a 73 percent decrease from the previous year, according to the report.

READ ALSO: Office Subleasing Strategies

One recent high-profile sublease in the area was recently inked by Genworth Financial, which decided to occupy existing space as opposed to wait for the construction of a new headquarters. In December of 2022, the firm signed a 174,378-square-foot sublease at the SunTrust Business Center in Henrico County, pausing on its development plans for a new headquarters on West Broad Street.