Insurance broker scraps plan for new downtown HQ

 

riverfront plaza towers

The Hilb Group will not occupy an 18th-floor space in the Riverfront Plaza west tower. (BizSense file photo)

Following the abrupt departure of its namesake and founding CEO, one of the region’s fastest-growing companies has tabled a plan to relocate its headquarters from the suburbs to the downtown riverfront.

The Hilb Group, which in June signed an eight-year lease to move from the Stony Point office park into the Riverfront Plaza west tower, recently re-listed that downtown space for sublease after a change of heart.

That opens up the 9,100-square-foot, 18th-floor space at 901 E. Byrd St. to potential tenants, while Hilb Group continues in its 5,000-square-foot home at 8720 Stony Point Parkway.

The company has enlisted broker Fred Plaisted of Commonwealth Commercial to sublease the Riverfront space.

The shift comes about two months after the company announced founder Bob Hilb had suddenly left to “pursue other interests” and was replaced by Ricky Spiro, another insurance industry veteran.

Hilb, with deep-pocketed private equity backing, grew his company at a rapid clip since its founding seven years ago through acquisitions of nearly 40 insurance agencies nationwide, resulting in revenue of $84 million in 2016.

Hilb said in June the company planned major renovations for the space with hopes to move in by yearend. He said he hoped fresh digs downtown would help the company continue to attract employees to its growing ranks, which as of June included 17 in Richmond and 800 spread across the various agencies.

Spiro said in an email this week the company had no comment on the change of plans.

The firm’s dealmaking streak has continued in Hilb’s absence, as it announced the closure of three agency acquisitions this week: HR Knowledge in Massachusetts, David Hill & Associates in North Carolina, and the majority of the assets of IOA Northeast NY in New Jersey.

 

riverfront plaza towers

The Hilb Group will not occupy an 18th-floor space in the Riverfront Plaza west tower. (BizSense file photo)

Following the abrupt departure of its namesake and founding CEO, one of the region’s fastest-growing companies has tabled a plan to relocate its headquarters from the suburbs to the downtown riverfront.

The Hilb Group, which in June signed an eight-year lease to move from the Stony Point office park into the Riverfront Plaza west tower, recently re-listed that downtown space for sublease after a change of heart.

That opens up the 9,100-square-foot, 18th-floor space at 901 E. Byrd St. to potential tenants, while Hilb Group continues in its 5,000-square-foot home at 8720 Stony Point Parkway.

The company has enlisted broker Fred Plaisted of Commonwealth Commercial to sublease the Riverfront space.

The shift comes about two months after the company announced founder Bob Hilb had suddenly left to “pursue other interests” and was replaced by Ricky Spiro, another insurance industry veteran.

Hilb, with deep-pocketed private equity backing, grew his company at a rapid clip since its founding seven years ago through acquisitions of nearly 40 insurance agencies nationwide, resulting in revenue of $84 million in 2016.

Hilb said in June the company planned major renovations for the space with hopes to move in by yearend. He said he hoped fresh digs downtown would help the company continue to attract employees to its growing ranks, which as of June included 17 in Richmond and 800 spread across the various agencies.

Spiro said in an email this week the company had no comment on the change of plans.

The firm’s dealmaking streak has continued in Hilb’s absence, as it announced the closure of three agency acquisitions this week: HR Knowledge in Massachusetts, David Hill & Associates in North Carolina, and the majority of the assets of IOA Northeast NY in New Jersey.

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