Located off I-95, Riverfront Plaza sits adjacent to the James River and is considered the gateway to the city's downtown business corridor. Hunton & Williams had a hand in developing the 14-year-old property, which is currently under the ownership and management of Boston Properties. The property's twin towers rise up 20 stories each, and feature ground-level retail space totaling more than 40,000 sf, as well as a five-story parking facility designed to accommodate over 2,000 vehicles. Other Riverfront Plaza tenants include Wachovia Securities, which maintains its corporate headquarters at the property, and the Commonwealth of Virginia.
Class A office space in Richmond's CBD leases for an average of $21.70 per-sf, according to Grubb & Ellis's Richmond Office Market Trends report for the fourth quarter of 2003. Grubb & Ellis/Harrison & Bates is currently marketing sublet space at Riverfront Plaza for $17 to $18.50 per sf. Financial terms of Hunton & Williams's lease have not been disclosed, but with vacancy rates being what they are in Downtown Richmond these days, 17.2%, Boston Properties leasing agents quite possibly made the law firm an offer it simply could not refuse.
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