Richmond’s newest public company is pulling into a new headquarters.
CarLotz, the locally-based used vehicle consignment company that recently listed on Nasdaq, is preparing to move its home base from Manchester to the HandCraft building at 3301 W. Moore St. in Scott’s Addition.
The 10-year-old company has leased 20,700 square feet most recently occupied by retailer Need Supply, which used the space as its headquarters before going out of business last year.
Multiple sources with knowledge of the deal confirmed the move, and CarLotz alluded to it in its recently filed annual report with the SEC.
While it didn’t specify an address, CarLotz said in the filing that it plans to move into the new space of 20,700 square feet later this year with a lease that runs until 2027. The move will coincide with it terminating the lease on its current office in Manchester’s City View Landing at 611 Bainbridge St.
CarLotz CEO Michael Bor was not available for comment by press time.
HandCraft’s other office tenants include Nasdaq Dorsey Wright, The Fahrenheit Group, Randstad, 510 Architects, and D.C.-based Tahzoo. It is also houses Vasen Brewing Co. and Stella’s Grocery.
CarLotz became publicly listed on January after merging with a special purpose acquisition company or SPAC. The company’s shares, which trade under the symbol LOTZ, closed on Friday at $7.54.
CarLotz has around 175 employees and 10 retail locations nationwide, including two in the Richmond region. It recently signed leases to up its total location count to 12 with new spots in Nashville and Charlottesville.
In an interview with BizSense earlier this year shortly after the company went public, Bor said CarLotz was on the hunt for a new HQ and was looking in Manchester and other parts of the city.
He said the company also is on the hunt for additional real estate — namely spots around the country in which to open additional retail locations.
A driver behind its SPAC deal and public listing was the more than $300 million capital raise that came with it. That cash is funding its geographical expansion.
“We’re planning to fill out the rest of the nation over the next couple years,” Bor told BizSense.
The company reported a loss of $6.8 million in 2020, according to its annual report. That’s compared to a loss of $12.7 million in 2019. Its revenue in 2020 reached $118.6 million, up from $102.5 million in 2019.