The bulk of ownership in a high-dollar Henrico County office building could soon be up for grabs.
Locally based Lingerfelt Commonwealth Partners and North Carolina-based James River Group are considering selling their ownership in the Reynolds Office Building, a 200,000-square-foot building in Reynolds Crossing.
Reynolds Development Group owns the remainder of the property. Partner Randy Reynolds said the company is not interested in selling its piece and will keep its investment in the building.
The building sits on 8.5 acres at 6641 W. Broad St., within the 90-acre Reynolds Crossing development. County records show the building was most recently assessed at $27.2 million.
In an email, Alan Lingerfelt of Lingerfelt Commonweatlh stated: “We are taking the opportunity to evaluate the potential for one or more of our partners to possibly exit their investment at this time.”
Adam Abram, CEO of James River Group, confirmed that it, too, is interested in selling its share of the building’s ownership.
One of James River Group’s subsidiaries, James River Insurance Co., has offices in the building and just renewed and expanded its lease. Abram emphasized the company’s interest in remaining at the property, noting the 10-year-lease expands its footprint to 90,000 square feet.
“We’re there to stay,” he said.
Neither Lingerfelt nor Abram shared a price point at which either would be willing to sell their portion of the ownership.
Henrico records show that Reynolds Development controls 40 percent of the ownership entity, Forest Avenue Office LLC, while James River Group owns just over 33 percent and Lingerfelt has about 27 percent.
Cushman & Wakefield | Thalhimer’s Eric Robison, Basil Hallberg and Gideon Gil are handling the Reynolds Office Building listing.
The property was developed in 2007 as a joint venture between Reynolds Development and Lingerfelt Development, Lingerfelt said in the email.
“Our project is arguably the nicest suburban office property in Richmond,” he stated.
Reynolds Development also has its headquarters in the building, as does investment management firm Thompson, Siegel and Walmsley and commercial real estate firm CBRE | Richmond.
Reynolds said the 90-acre Reynolds Crossing is almost filled out, with just a little over 5 acres of vacant land left. The development is going “very well,” he added.
“(The Reynolds Office Building) is our flagship building,” he said. “It’s fully occupied right now.”
In addition to that building, the development includes four other office buildings, with tenants such as Bon Secours, Virginia Urology, Virginia Physicians Inc., Virginia Cancer Institute and Altria. It also consists of a retail portion that includes a Walmart and Plaza Azteca, as well as a First Tennessee Bank branch and a Westin Hotel.
Reynolds said his company has an ownership stake in each of the properties in the development except the Walmart location, of which the retail giant is the sole owner.