A two-year-old Shockoe Bottom investment firm won’t have far to go when it moves to its new office this year.
Canal Capital Management will relocate in November from 1309 E. Cary St. to 1401 E. Cary St., the former These Four Walls furniture building.
The 22,000-square-foot building formerly housed These Four Walls. (Photo by Mark Robinson)
Canal Capital will take over 2,200 square feet on the building’s 5,300-square-foot fourth floor. Richmond-based Capital Square Management owns the property.
“It’s kind of hard for us to turn down a deal where the developer’s basically saying they’ll build it turn-key to our specifications,” said Noah Greenbaum, director of portfolio management at Canal Capital.
Neil Gilliss founded the firm in 2011 after breaking away from the former Johnson & Gilliss Wealth Management.
Canal Capital now employs seven people, and Greenbaum said the new space gives it the option to hire more.
The company will join law firm Kaplan Voekler Cunningham & Frank, which is slated to move into the building’s first three floors by the end of September.
Capital Square Management acquired the old These Four Walls property in June 2012 for $1.99 million, according to city records. The 22,000-square-foot building has been vacant since the furniture retailer closed in February 2012.
Renovations are ongoing, and more than $835,000 in building permits have been filed on the property this year, city records show. Union First Market Bank financed the acquisition and development of the property, said Yogi Singh, vice president of acquisitions and business development for Capital Square.
Capital Square has received several inquiries for the remaining space on the fourth floor, Singh said.
“I think it speaks volumes to people’s confidence in downtown Richmond,” he said.
The firm will likely announce a tenant for the remaining space in the next month, he added.
Correction: A previous version of this story incorrectly stated that Canal Capital is moving from 1326 E. Cary. It’s moving from 1309 E. Cary.
A two-year-old Shockoe Bottom investment firm won’t have far to go when it moves to its new office this year.
Canal Capital Management will relocate in November from 1309 E. Cary St. to 1401 E. Cary St., the former These Four Walls furniture building.
The 22,000-square-foot building formerly housed These Four Walls. (Photo by Mark Robinson)
Canal Capital will take over 2,200 square feet on the building’s 5,300-square-foot fourth floor. Richmond-based Capital Square Management owns the property.
“It’s kind of hard for us to turn down a deal where the developer’s basically saying they’ll build it turn-key to our specifications,” said Noah Greenbaum, director of portfolio management at Canal Capital.
Neil Gilliss founded the firm in 2011 after breaking away from the former Johnson & Gilliss Wealth Management.
Canal Capital now employs seven people, and Greenbaum said the new space gives it the option to hire more.
The company will join law firm Kaplan Voekler Cunningham & Frank, which is slated to move into the building’s first three floors by the end of September.
Capital Square Management acquired the old These Four Walls property in June 2012 for $1.99 million, according to city records. The 22,000-square-foot building has been vacant since the furniture retailer closed in February 2012.
Renovations are ongoing, and more than $835,000 in building permits have been filed on the property this year, city records show. Union First Market Bank financed the acquisition and development of the property, said Yogi Singh, vice president of acquisitions and business development for Capital Square.
Capital Square has received several inquiries for the remaining space on the fourth floor, Singh said.
“I think it speaks volumes to people’s confidence in downtown Richmond,” he said.
The firm will likely announce a tenant for the remaining space in the next month, he added.
Correction: A previous version of this story incorrectly stated that Canal Capital is moving from 1326 E. Cary. It’s moving from 1309 E. Cary.