Riverfront Plaza. (Photo by Burl Rolett)
A growing accounting firm is making a move to the riverfront.
Elliott Davis is headed downtown this December, upgrading from a 4,000-square-foot space at 3900 Westerre Parkway to 16,000 square feet on the 10th floor of Riverfront Plaza’s west tower. The firm opened its first Richmond office about a year ago and has more than doubled in size since then.
“We started with four people, and by the time we make the move we’ll have 26 people,” said Mark Rudolph, managing shareholder of Elliott Davis’s Richmond office. “So we clearly need the space. We’re sort of hoteling now.”
The firm has signed on for 11,000 square feet initially, Rudolph said, with an automatic expansion to 16,000 square feet that will kick in two years from now. Elliott Davis plans to have 40 to 50 employees in Richmond by that time.
Greenville, S.C.-based Elliott Davis settled on the Riverfront Plaza space because of its location and recruiting potential.
“We recruit a lot of young professionals, either out of college or in their 20s and 30s,” Rudolph said. “Obviously, there is a vibrant young professional location downtown.”
Elliott Davis is signed on for 12 years at Riverfront Plaza, including 10 years with the full 16,000 square feet. The firm is one of the largest accounting companies in the Southeast, with about 500 employees. Banking, one of the firm’s target industries, also drew Elliott Davis to the Richmond market.
“We do over 100 community banks, and that’s how the firm really got started in Virginia,” Rudolph said. “They feel like Virginia was a natural extension of their footprint in the Carolinas.”
Hines, a Texas-based REIT, owns Riverfront Plaza. The firm bought the twin 20-story towers in 2006 for about $277 million. The towers have about 930,000 square feet of space combined.
The owners have been filling space since anchor tenant Wachovia Securities began to move out more than five years ago. Wachovia previously occupied about 400,000 square feet in the west tower. The lease on the last of its space – 180,000 square feet – expired in June. As of September, CBRE | Richmond reported 237,000 square feet available for lease between the two towers.
Other major tenants in Riverfront Plaza include Hunton & Williams, LeClairRyan, BB&T, UBS, and accounting firm Deloitte.
CBRE | Richmond was awarded leasing duties at Riverfront Plaza in September, taking over for Raleigh-based Dominion Realty Partners. Dominion handled the Elliott Davis lease, however, because the deal was in negotiations prior to the brokerage transfer. Dominion’s Michael Campbell represented the building in the transaction, while Malcolm Randolph of CBRE represented Elliott Davis.
Riverfront Plaza. (Photo by Burl Rolett)
A growing accounting firm is making a move to the riverfront.
Elliott Davis is headed downtown this December, upgrading from a 4,000-square-foot space at 3900 Westerre Parkway to 16,000 square feet on the 10th floor of Riverfront Plaza’s west tower. The firm opened its first Richmond office about a year ago and has more than doubled in size since then.
“We started with four people, and by the time we make the move we’ll have 26 people,” said Mark Rudolph, managing shareholder of Elliott Davis’s Richmond office. “So we clearly need the space. We’re sort of hoteling now.”
The firm has signed on for 11,000 square feet initially, Rudolph said, with an automatic expansion to 16,000 square feet that will kick in two years from now. Elliott Davis plans to have 40 to 50 employees in Richmond by that time.
Greenville, S.C.-based Elliott Davis settled on the Riverfront Plaza space because of its location and recruiting potential.
“We recruit a lot of young professionals, either out of college or in their 20s and 30s,” Rudolph said. “Obviously, there is a vibrant young professional location downtown.”
Elliott Davis is signed on for 12 years at Riverfront Plaza, including 10 years with the full 16,000 square feet. The firm is one of the largest accounting companies in the Southeast, with about 500 employees. Banking, one of the firm’s target industries, also drew Elliott Davis to the Richmond market.
“We do over 100 community banks, and that’s how the firm really got started in Virginia,” Rudolph said. “They feel like Virginia was a natural extension of their footprint in the Carolinas.”
Hines, a Texas-based REIT, owns Riverfront Plaza. The firm bought the twin 20-story towers in 2006 for about $277 million. The towers have about 930,000 square feet of space combined.
The owners have been filling space since anchor tenant Wachovia Securities began to move out more than five years ago. Wachovia previously occupied about 400,000 square feet in the west tower. The lease on the last of its space – 180,000 square feet – expired in June. As of September, CBRE | Richmond reported 237,000 square feet available for lease between the two towers.
Other major tenants in Riverfront Plaza include Hunton & Williams, LeClairRyan, BB&T, UBS, and accounting firm Deloitte.
CBRE | Richmond was awarded leasing duties at Riverfront Plaza in September, taking over for Raleigh-based Dominion Realty Partners. Dominion handled the Elliott Davis lease, however, because the deal was in negotiations prior to the brokerage transfer. Dominion’s Michael Campbell represented the building in the transaction, while Malcolm Randolph of CBRE represented Elliott Davis.