It’s on-again, off-again with Capital One

East Shore I

After a few years apart, East Shore I and Capital One are back together. (Photo courtesy of CBRE)

 

Capital One walked away from a Henrico County building, but it never really let go.

The rapidly expanding banking and credit card giant has returned to the roughly 60,000-square-foot East Shore I building near Innsbrook that it occupied during the early 2000s. Additionally, Capital One has extended its lease 70,000 square feet at East Shore II, where it has about 300 employees.

Capital One spokesperson Julie Rakes said that details of the move back to East Shore I are being worked out and that the company hadn’t said which employees — or how many — would be in the space.

Austin Newman of Cushman & Wakefield | Thalhimer brokered the deal for Capital One. Scott Durham and Walton Makepeace of CBRE represented the owner, New York real estate investment firm Lexington Realty Trust.

There are three East Shore buildings off Nuckols Road in Henrico County. They were built between 1998 and 1999 by Highwoods Properties, which later sold them. By 2000, Capital One occupied all three. It vacated all but East Shore II in 2005.

East Shore III is occupied by SNL Financial and Sheltering Arms, among other tenants.

Capital One has been known to release buildings after vacating them. Last April, it took out 135,000 square feet at Liberty Plaza II in Innsbrook, also on Nuckols Road.

One of the largest employers in Richmond with more than 10,000 workers, Capital One’s appetite for space has increased in recent months. The company is adding 300,000 square feet of office space at its sprawling West Creek campus. That build out is scheduled to be complete next year.

These latest leases also come on the heels of the company’s recent announcement of plans to build a $150 million data center at Meadowville Technology Park in Chesterfield County.

4
Leave a Reply
To foster a civil discussion, please use your full name and email address.

avatar
2 Comment threads
2 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
4 Comment authors
JasonDaveMCBRJake Crocker Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Jake Crocker
Guest
Jake Crocker

I’m still scratching my head at why Capital One does not have a presence downtown in the financial district and insists on being spread out all over suburban office parks. Can we go ahead and build The Capital One Tower downtown already? It will be Richmond’s version of Charlotte’s Bank of America Tower.

Or maybe the last scene of Flight Club when they take out of of the credit card company buildings to reset everyone’s debt spooked Capital One away from office towers. http://www.youtube.com/watch?v=vVof0qj7SOw

CBR
Guest
CBR

Doesn’t take much head scratching to figure out why companies would choose the suburbs over the city. Taxes, taxes, red tape, and taxes.

DaveM
Guest
DaveM

Why go downtown when you can kick back your feet in the ‘burbs for far less? Capital One has invested far too much in West Creek and surrounding areas to warrant such a move. Not to mention it’s easier to access.

Jason
Guest
Jason

I think Capital One has a huge presence in the Short Pump area because the Richmond area leadership for Capital One prefers that area or there were some backroom deals. It’s that simple.

Also downtown won’t get of Bank of America tower like Charlotte because there is absolutely no speculative office construction downtown. All speculative office buildings are in the Far West End or Midlo. If a tower goes up, there are already tenants lined up or demand is pretty well known. Look how quickly the William Mullen Bldg filled.