Correction: President Brian Revere said Breeden Construction has about $600 million in contract commitments in coming years. An earlier version of this story incorrectly reported a smaller figure.
With several high-profile projects underway in the city, a Richmond-based construction firm is making itself more comfortable with a new local office that’s more than five times the size of its previous digs.
Breeden Construction, a subsidiary of Virginia Beach-based The Breeden Co., has moved its local headquarters to 1700 Bayberry Court, Suite 200, in the Glen Forest Office Park in western Henrico.
The 8,100-square-foot office is considerably more spacious than its previous setup at Marshall Springs at Gayton West, where the firm filled a roughly 1,500-square-foot space in the apartment complex that Breeden Co. developed and manages.
Breeden Construction President Brian Revere said the firm had outgrown that space to the point that its 50-plus employees were spread out among multiple locations. He said the new space allows it to bring its team back together while also reflecting the firm’s business growth.
“We’ve been very fortunate in recent years, particularly in the last two years, to have picked up some really good momentum, particularly on the third-party side of what we do,” Revere said, referring to work for clients other than The Breeden Co. that now represents more than half of its business.
Such projects include two that Breeden Construction is doing for local developer Spy Rock Real Estate: The Scout at Scott’s Addition mixed-use development under construction along Myers Street beside the Cookie Factory Lofts; and a hotel-anchored mixed-use development in front of the UMFS campus on West Broad Street.
Revere said the firm considered locations in Scott’s Addition, Innsbrook and Rocketts Landing before selecting its space, which it moved into in February. An in-house broker led the eight-month search that led to the Glen Forest space, which Revere said already was built out with 30 private offices, two meeting rooms and conference space.
“It was good timing,” he said. “The space was available and ready for a quick occupancy. We liked the location and the access to the major thoroughfares. The lease terms were in line with what we were looking at.”
The firm signed a lease with Brookfield Properties, which manages the office park and was represented by CBRE agents Chris Wallace, Andrew Ferguson and Matt Hamilton. Revere would not disclose the length or other terms of the lease but said it accommodates the firm’s plan to potentially move on after a few years.
“Our long-term play could potentially be owning our own space, so while we wanted a good space that fit our needs now, and we wanted some expansion opportunities within that space for the near term, we also wanted the flexibility to be able to find and potentially own our own space down the road,” he said.
In business for over 50 years, Breeden Construction has built more than 10,000 apartment units, and 2 million square feet of commercial shopping center and office space. It also builds single-family detached homes through its Lynnhaven Homes affiliate.
In addition to Richmond, Revere said it has apartment projects underway in Charlottesville and Norfolk, as well as a 279-unit income-based complex lined up in Fairfax.
Revere said those projects remain on schedule and, so far, unaffected by the coronavirus downturn. He said the company has about $600 million in contract commitments in coming years and has been pulling in about $190 million in annual revenue.
“Fortunately a lot of our work had already commenced and/or is still on track to commence this year, so our pipeline and our backlog is pretty healthy to afford this space,” Revere said of the new office.
Breeden Construction also has a Virginia Beach office that it plans to expand later this spring. Revere said they’re aiming to exceed 60 employees by year’s end.