BB&T is relocating and consolidating their local regional headquarters office, their brokerage operation Scott & Stringfellow, and BB&T Capital Markets from nearby Richmond locations. The bank plans to move in more than 500 employees when the lease begins in 2010. Stevens Gentil and Chuck Ellsworth of Grubb & Ellis|Harrison & Bates represented BB&T in the transaction; Michael Campbell of Dominion Realty Partners represented Hines.
Much of the space leased by BB&T was recently vacated by Wachovia Securities, which relocated from Richmond to St. Louis due to its merger with A.G. Edwards. With BB&T in place, Riverfront Plaza is 95% occupied with such tenants as Hunton & Williams; LeClair Ryan; Virginia Economic Development Partnership; and UBS. Wachovia Securities will also continue to lease a portion of the building. Riverfront Plaza was acquired in 2006 by the Hines US Core Office Fund LP.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
