Built in 1997 for Circuit City, Deep Run III sat vacant at 9954 Mayland Drive for years following the electronic retailer’s collapse.
It’s hard to miss the fact that Essex Bank has arrived at its new headquarters.
First there’s the newly installed Essex ATM machine that sits just outside the entrance of Deep Run III, the 382,000-square-foot former Circuit City headquarters of which the bank now occupies 24,000 square feet.
More prominent is the large, illuminated Essex Bank sign on the main wall of its new branch space in the building.
The $1.08 billion bank and its holding company, Community Bankers Trust Corp., moved into its new home officially on March 31. The branch opened for business last week.
The move marks another big step up for the company as it continues to bounce back from the tough times of the recession.
It moved about 100 employees to Deep Run III from its longtime 14,000-square-foot home in in Innsbrook at 4235 Innslake Drive. It has an additional 5,000 square feet in the refurbished building to take on within the next two years.
“We’ve got plenty of room to grow and that’s what we wanted,” said Rex Smith, Essex’s chief executive.
Built in 1997 for Circuit City, Deep Run III sat vacant at 9954 Mayland Drive for years following the electronic retailer’s collapse.
It got a shot of life beginning in 2011 when new local ownership that included local real estate investment groups Markel | Eagle Partners and Diversified Realty Ventures, acquired the building for $12.4 million. Markel | Eagle has since become the sole owner.
The new owners began a $13 million renovation plan to make the interior of the building like new. It has a gym, a cafeteria, a new parking deck, conference rooms and other amenities.
That has helped it land new tenants needed to fill the massive property.
Of the 331,000 rental square feet, about 150,000 is occupied, said Austin Newman, a Cushman & Wakefield | Thalhimer broker who handles leasing at the building.
“The building has turned around nicely,” Newman said.
Travelers Insurance occupies the top floor of the five-story building. Other tenants include Appendix R Solutions, Acision and Digital Benefits.
Newman said negotiations with potential tenants are in various stages, but would not comment further.
Smith said its new lease at Deep Run III is cheaper on a per-square-foot basis than its previous home. He said one of the company’s predecessors signed its lease at the Innsbrook building at the height of the market.
Essex will look to draw new customers from the surrounding business parks and from the future tenants who may eventually fill the rest of its building.
“There will be 5,000 people in this building when it’s all said and done,” Smith said.
Evolve Architects designed the new Essex space. Century Construction Co. renovated it. And MOI furnished the office.
Thalhimer broker Mark Douglas also handles leasing for Deep Run III. Newman also represented Essex in its search for a new building.
Built in 1997 for Circuit City, Deep Run III sat vacant at 9954 Mayland Drive for years following the electronic retailer’s collapse.
It’s hard to miss the fact that Essex Bank has arrived at its new headquarters.
First there’s the newly installed Essex ATM machine that sits just outside the entrance of Deep Run III, the 382,000-square-foot former Circuit City headquarters of which the bank now occupies 24,000 square feet.
More prominent is the large, illuminated Essex Bank sign on the main wall of its new branch space in the building.
The $1.08 billion bank and its holding company, Community Bankers Trust Corp., moved into its new home officially on March 31. The branch opened for business last week.
The move marks another big step up for the company as it continues to bounce back from the tough times of the recession.
It moved about 100 employees to Deep Run III from its longtime 14,000-square-foot home in in Innsbrook at 4235 Innslake Drive. It has an additional 5,000 square feet in the refurbished building to take on within the next two years.
“We’ve got plenty of room to grow and that’s what we wanted,” said Rex Smith, Essex’s chief executive.
Built in 1997 for Circuit City, Deep Run III sat vacant at 9954 Mayland Drive for years following the electronic retailer’s collapse.
It got a shot of life beginning in 2011 when new local ownership that included local real estate investment groups Markel | Eagle Partners and Diversified Realty Ventures, acquired the building for $12.4 million. Markel | Eagle has since become the sole owner.
The new owners began a $13 million renovation plan to make the interior of the building like new. It has a gym, a cafeteria, a new parking deck, conference rooms and other amenities.
That has helped it land new tenants needed to fill the massive property.
Of the 331,000 rental square feet, about 150,000 is occupied, said Austin Newman, a Cushman & Wakefield | Thalhimer broker who handles leasing at the building.
“The building has turned around nicely,” Newman said.
Travelers Insurance occupies the top floor of the five-story building. Other tenants include Appendix R Solutions, Acision and Digital Benefits.
Newman said negotiations with potential tenants are in various stages, but would not comment further.
Smith said its new lease at Deep Run III is cheaper on a per-square-foot basis than its previous home. He said one of the company’s predecessors signed its lease at the Innsbrook building at the height of the market.
Essex will look to draw new customers from the surrounding business parks and from the future tenants who may eventually fill the rest of its building.
“There will be 5,000 people in this building when it’s all said and done,” Smith said.
Evolve Architects designed the new Essex space. Century Construction Co. renovated it. And MOI furnished the office.
Thalhimer broker Mark Douglas also handles leasing for Deep Run III. Newman also represented Essex in its search for a new building.