Major leases signed at Innsbrook building

The 63,000-square-foot former Owens & Minor building at 4800 Cox Road. (Photo by David Larter)

The 63,000-square-foot former Owens & Minor building at 4800 Cox Road. (Photo by David Larter)

The former headquarters of one of Richmond’s largest public companies will have cars in the parking lot again after sitting vacant for more than half a decade.

The 63,000-square-foot Owens & Minor building at 4800 Cox Road in Innsbrook has two new tenants: the Country Vintner and Free Agents Marketing. The two firms have leased three floors of the four-story building, totaling about 33,000 square feet.

The Country Vintner leased the third and fourth floors, and Free Agents will occupy the lobby. The second floor and lower level of the building, now known as Lakeview Center, remain vacant.

Owens & Minor left the building for its current headquarters on Lockwood Boulevard in Mechanicsville.

Mark Douglas, a broker with Cushman & Wakefield | Thalhimer, represented the landlord, B.H. Properties of California.

“The landlord has put a lot of money into renovations, renovating the common areas, locker rooms, roof, HVAC, bathrooms – you name it,” Douglas said.

Douglas said the owner had put about $750,000 toward sprucing up the building and would put in another $500,000 ahead the new tenants’ arrival.

After it was hit with vacancy rates as high as 20 percent following the recession, activity has turned in Innsbrook’s favor over the past two years.

“At Innsbrook, ‘class A’ vacancy is about at 5 percent,” said Will Bradley, an analyst and broker with CBRE. “If you remove some of the big blocks of space – Westmark II, a sublet at Westmark I, Deep Run III – overall vacancy in the northwest quadrant is around 10 percent.

“The market there is pretty healthy and is steadily improving. As a result, lease rates have been rising slowly, which is good if you look at it from a landlord’s perspective.”

According to a market reporter from Cushman & Wakefield | Thalhimer, the overall vacancy in the Richmond office market stands at 10.1 percent, down from 10.6 percent in the fourth quarter of 2011.

One of the main blocks of open space in the region is the 383,000-square-foot former headquarters of Circuit City, Deep Run III, owned by Diversified Realty Ventures and Markel | Eagle Partners.

Douglas, who also represents the Deep Run III space, said that he was close on a number of deals for tenants but that there were no announcements just yet.

“We have enough proposals out to fill the place one and a half times,” he said. “It’s just a matter of who bites first.”

Leave a Reply

Be the First to Comment!

Notify of