After well over a quarter-century in the same office, a local investment advisory firm is packing up and heading to Scott’s Addition.
Richmond Capital Management is preparing to relocate its headquarters to 1509 Belleville St., a redeveloped former candy factory where the firm will be joined by a new Veil Brewing taproom.
RCM’s new headquarters will occupy about half of the remaining 20,000 square feet in the building, which is owned by local developers Charles Bice and Birck Turnbull.
For the entirety of its 35-year-history, RCM has been based out of the Winchester Building at 10800 Midlothian Turnpike. RCM President Howard Bos said he thinks the firm might’ve been the building’s first tenant.
“We’ve been here a long time and we’re looking for a fresh look, honestly,” Bos said. “Sometimes inertia can hold you in a spot. But sometimes you have to just look at other places in the city.”
With $6 billion in assets under management, RCM is an institutional fixed-income investment advisory firm. Bos said the firm has 21 employees managing securities for clients across 30 states.
“Our clients are institutional clients — corporate and public pension plans, endowments, foundations, union plans,” Bos said. “We do have some high-net-worth clients but that isn’t the vast majority of who we do business with.”
The new office will be 3,000 square feet larger than RCM’s former home. Bos said the firm plans to continue adding to its staff and wanted to find a new place that was appealing to new hires.
“We toured and saw maybe 20 sites all over the city and counties,” Bos said. “Scott’s Addition just kept coming up on the list as an attractive spot, particularly for young professionals.”
John Simmons and Charlie Polk at JLL represented RCM in lease negotiations. Bos said work is underway on the space with UrbanCore as the general contractor and Fultz & Singh Architects as the designer.
RCM is aiming for an August move-in. In the leadup to the move, Bos said the firm has been reviewing and digitizing its files, many of which date back decades to when RCM first moved into the Winchester Building. Some relics from the past have been unearthed, including a 1995 presentation booklet for the City of Miami, a longtime client.
“It’s interesting to see what we had to go through to produce those booklets as opposed to how it’s done today,” Bos said. “But when I find this stuff, (I say) ‘if you haven’t looked at it for a decade, you don’t need it.’”
Around the corner from The Veil and RCM is more new office space that’s coming to the neighborhood. Local general contracting firm M.L. Bell bought and is redeveloping 3410 W. Leigh St. to be 10,000 square feet of office space.