Easterly Picks Up Richmond Office Trio for $45M

February 19, 2026

Investment Mid-Atlantic News Office More Richmond

The buildings previously sold for $32 million two years ago.

aerial view of the Cox Road Office Portfolio in Richmond, Va. — The Cox Road Office Portfolio comprises some 300,000 square feet across three buildings. *Image courtesy of Newmark*

Onward Investors has sold the Cox Road Office Portfolio, a three-building, 300,364-square-foot Class B collection in Glen Allen, Va., for $44.5 million, with the assistance of Newmark. The buyer was Easterly Government Properties, according to Yardi Matrix information.

This building trio previously changed hands in 2024 for $31.7 million, the same data provider shows. They were completed in 1999 as part of the 700-acre Innsbrook Corporate Center.

The portfolio’s components are at 5600, 5620 and 5640 Cox Road. The buildings at 5600 and 5640 Cox Road each comprise 133,179 square feet across three stories, while the smaller, two-story facility totals only 46,000 square feet.

The portfolio was fully leased at the time of sale to a roster of long-term tenants including headquarters for four entities: two Commonwealth of Virginia agencies, ChemTreat’s global headquarters and headquarters for Black Knight, a major East Coast data center operator. The weighted average lease term is 7.7 years.

The collection is just south of Interstate 295, in the Innsbrook submarket. Downtown Richmond, Va., is some 16 miles southeast.

Newmark Executive Managing Directors Will Bradley and Mark Williford represented Onward Investors in the transaction.

Slight improvement for Richmond’s office market

Richmond’s office space trends are benefitting from growth in the local population and the local economy, as well as rising average wages, according to a fourth-quarter report from Cushman & Wakefield.

Office vacancy was 11.8 percent at year-end, a decline of 30 basis points both year-over-year and quarter-over-quarter. Net office absorption in 2025 was positive, although just 2,500 square feet, averaging out wide variations across about 20 submarkets. Fortunately, speculative development in metro Richmond is quite limited.

Meanwhile, office sales amounted to nearly $530 million throughout 2025, up by more than 63.3 percent from the volume recorded in 2024.