Richmond’s biggest local bank will soon have a new home.
Union First Market Bank is moving its corporate headquarters from the Turning Basin building in Shockoe Slip to Three James Center.
The move, which will take place in November, will give the $3.8 billion bank’s headquarters 50 percent more space: It occupies about 20,000 square feet in Turning Basin and will take a total of 31,000 square feet in its new space.
“We’re kind of excited about having the opportunity,” said Union CEO Billy Beale.
Union will occupy the 12th floor and part of the 11th floor of Three James Center and will also take 2,200 square feet on the first floor for a bank branch.
Union’s new digs are currently occupied by Kaufman & Canoles. BizSense reported this week that the Norfolk-based law firm has leased more than 14,000 square feet in Two James Center and will vacate its space this summer.
According to Beale, the bank started looking last fall for new space. Its lease in Turning Basin is up Nov. 1.
The bank looked at eight buildings, Beale said. It asked for proposals on four, did test fits on three and then narrowed it down to Three James Center and Turning Basin.
All of the potential spaces were downtown.
“We just felt like it would be hard to call yourself a Richmond bank and not be downtown,” Beale said.
Union currently occupies the second floor of the five-story Turning Basin building. First Market Bank had been the tenant in the space for about eight years prior to its merger in early 2010 with Union, which was then headquartered in Bowling Green.
The building is owned by an entity called Turning Basin LLC.
“We’re disappointed they’re leaving the building,” said Martin Rust, one of the LLC’s two managing partners. “I guess the new regime felt they were ready to move.”
Rust said that the building has about 110,000 square feet and that there is already interest in Union’s space.
“We’re encouraged that we have two very serious parties looking at replacing them,” Rust said.
Rust, who in his day job is banker with RBC Bank, said there are eight partners who own stakes in the building.
Union also has a branch in Turning Basin. Beale said the company has not decided whether it will keep that branch open once the new branch comes online.
Union will get signage on the exterior of Three James Center, although it won’t be at the top of the building. The visibility in a busy part of downtown was a selling point.
The price wasn’t bad, either.
“On a per-square-foot basis, it’s less than what we’re paying today,” Beale said of the new space. “The [total] cost to lease that space was no more than what we’re paying now.”
Union worked with Austin Newman and Paul Silver at Cushman & Wakefield | Thalhimer in its search for a new headquarters.
Union First Market Bankshares, the holding company, has 1,100 employees. About 113 employees work downtown, but Beale said the new space takes into account plans for more workers.
Michael Schwartz covers for banking for BizSense. Please send news tips to [email protected].
Richmond’s biggest local bank will soon have a new home.
Union First Market Bank is moving its corporate headquarters from the Turning Basin building in Shockoe Slip to Three James Center.
The move, which will take place in November, will give the $3.8 billion bank’s headquarters 50 percent more space: It occupies about 20,000 square feet in Turning Basin and will take a total of 31,000 square feet in its new space.
“We’re kind of excited about having the opportunity,” said Union CEO Billy Beale.
Union will occupy the 12th floor and part of the 11th floor of Three James Center and will also take 2,200 square feet on the first floor for a bank branch.
Union’s new digs are currently occupied by Kaufman & Canoles. BizSense reported this week that the Norfolk-based law firm has leased more than 14,000 square feet in Two James Center and will vacate its space this summer.
According to Beale, the bank started looking last fall for new space. Its lease in Turning Basin is up Nov. 1.
The bank looked at eight buildings, Beale said. It asked for proposals on four, did test fits on three and then narrowed it down to Three James Center and Turning Basin.
All of the potential spaces were downtown.
“We just felt like it would be hard to call yourself a Richmond bank and not be downtown,” Beale said.
Union currently occupies the second floor of the five-story Turning Basin building. First Market Bank had been the tenant in the space for about eight years prior to its merger in early 2010 with Union, which was then headquartered in Bowling Green.
The building is owned by an entity called Turning Basin LLC.
“We’re disappointed they’re leaving the building,” said Martin Rust, one of the LLC’s two managing partners. “I guess the new regime felt they were ready to move.”
Rust said that the building has about 110,000 square feet and that there is already interest in Union’s space.
“We’re encouraged that we have two very serious parties looking at replacing them,” Rust said.
Rust, who in his day job is banker with RBC Bank, said there are eight partners who own stakes in the building.
Union also has a branch in Turning Basin. Beale said the company has not decided whether it will keep that branch open once the new branch comes online.
Union will get signage on the exterior of Three James Center, although it won’t be at the top of the building. The visibility in a busy part of downtown was a selling point.
The price wasn’t bad, either.
“On a per-square-foot basis, it’s less than what we’re paying today,” Beale said of the new space. “The [total] cost to lease that space was no more than what we’re paying now.”
Union worked with Austin Newman and Paul Silver at Cushman & Wakefield | Thalhimer in its search for a new headquarters.
Union First Market Bankshares, the holding company, has 1,100 employees. About 113 employees work downtown, but Beale said the new space takes into account plans for more workers.
Michael Schwartz covers for banking for BizSense. Please send news tips to [email protected].