A West End tech firm has found its new headquarters in a deal that allows a local bank to offload a property it inherited through its acquisition of a competitor.
TBL Networks, a 12-year-old IT company that offers communication and securities services to businesses, last month paid $2.3 million for 1600 Forest Ave., a 13,000-square-foot office building that sits on 1.2 acres.
CEO Patrick Tredway said the building will serve as the company’s new home and TBL will vacate its current 10,000-square-foot office a mile away at 1801 Bayberry Court.
Tredway said TBL always rented since its founding in 2007 and decided it was time to buy. The deal closed July 9.
“We’ve still been growing like crazy,” Tredway said. “That’s given us an opportunity to do something like buying a building.”
The seller in the deal was Atlantic Union Bank, which recently rebranded from Union Bank & Trust. The bank took ownership of the property through its acquisition this year of Access National Bank, which inherited it through its acquisition of Middleburg Bank.
The bank was represented in the deal by broker Will McGoogan of Cushman & Wakefield | Thalhimer.
Tredway said it also didn’t hurt that Atlantic Union has long been a customer of TBL, allowing both sides to keep the deal in the family, so to speak. Banks are one of TBL’s niche client groups, Tredway said, along with specialty insurers and electric coops.
“The bank been one of our big customers since we started the business,” he said.
Tredway said TBL will look to move in during August, following light renovations, bringing with it its 23 employees.
The company in its earlier years was listed among the fastest-growing companies in the nation, earning spots on lists such as the Inc. 5000. It last made that list in 2013, with annual revenue of $13.2 million.
Tredway declined to share more recent revenue figures for the company, but said, “suffice it to say, things are strong.”
Owning its own building of this size is a long way from the company’s early days, Tredway said.
“We started with three people in Innsbrook in 2007 in an office that was a couple thousand square feet,” he said. “This is a nice flag in the ground for us.”