A Texas real estate firm has tapped a new leasing company for 386,000 square feet of Richmond office space.
Westdale Real Estate Investment and Management hired Cushman & Wakefield | Thalhimer to lease a West End office package highlighted by the East Shore and West Shore office parks near Nuckols Road.
Thalhimer brokers Jason Guillot and Birck Turnbull are in charge of leasing the Westdale portfolio. Guillot said the buildings offer a suburban location in an office park that isn’t quite as dense as nearby Innsbrook.
“Innsbrook is the largest office park in Richmond, but being outside of it, we feel like you have access to some amenities that you don’t have in the middle of Innsbrook,” he said. “There are restaurants, places to grab a coffee off of Nuckols Road that you might not have in the middle of Cox Road.”
The seven-building portfolio includes East Shore I, I and III, West Shore I, II and III and Grove Park I. East Shore rents at about $21 per square foot and Grove Park is the least expensive building in the package at about $18.50. West Shore’s buildings rent at about $19 per square foot.
Westdale bought the seven buildings Thalhimer will lease in a pair of 2014 purchases totaling more than $45 million. The company bought the East Shore complex from Lexington Realty Trust in April and scooped up West Shore and Grove Park from Highwoods Properties in August.
Thalhimer will take over leasing duties at East Shore from CBRE | Richmond. Highwoods leased West Shore and Grove Park in-house before selling to Westdale.
Westdale’s portfolio is currently about 96 percent leased. Capital One is Westdale’s largest tenant with about 130,000 square feet between East Shores I and II.