Highwoods Exits Richmond Office Market

February 23, 2026

Investment Mid-Atlantic News Office More Richmond

The firm sold a three-asset portfolio for $42 million.

Exterior shot of the office building at 9030 Stony Point Parkway in Richmond, Va. — The office building at 9030 Stony Point Parkway is one of the three assets that OA Development purchased from Highwoods Properties. *Image courtesy of Yardi Matrix*

OA Development has acquired a portfolio of three office buildings totaling 357,251 square feet in Richmond, Va., for $42.3 million. Longtime holder Highwoods Properties sold the assets with the assistance of Newmark.

The collection comprises the 106,710-square-foot 8730 Stony Point Parkway, the 134,903-square-foot 9020 Stony Point Parkway and the 112,294-square-foot 9030 Stony Point Parkway. The mid-rises were completed between 1989 and 2001.

All together, the portfolio was 92 percent leased at the time of sale to medical, technology and financial services firms such as Fulton Bank, Wells Fargo and Heartwood Wealth Advisors, but also logistics users such as shipping container giant Ocean Network Express. The tenant tenure averages 13.8 years.

Newmark Executive Managing Directors Mark Williford and Will Bradley, along with Associate Director Evan Wells, represented the seller, in collaboration with Vice Chairmen Jay O’Meara and Justin Parsonnet and Senior Managing Director Ryan Rheethof.

Highwoods’ ins and outs

The deal represents Raleigh, N.C.-based Highwoods’ exit from the Richmond market. Last year, the company sold another of its local assets, the 8720 Stony Point Parkway office building, to VCU Health for $16 million.

However, the firm is expanding in other markets. Late last year, Highwoods acquired 6Hundred at Legacy Union, a 411,000-square-foot office tower in Charlotte, N.C., for $223 million. Lincoln Property Co. was the seller.

Richmond office market chugging along

Richmond’s office space trends, as reported by Colliers, pointed to a cooling in leasing activity toward the end of 2025. Leases totaled about 160,000 square feet in the fourth quarter, down from 212,700 square feet in the third.

Despite the shrinkage, the market turned in positive absorption in Q4 2025, some 83,460 square feet, an improvement compared with a year ago, when the fourth quarter total was 33,400 square feet.

Only one office project delivered during the quarter, Colliers reports, the owner-occupied Kinsale Center in Henrico, which is transforming the Anthem office building into a $500 million mixed-use project.

Colliers forecasts that Richmond’s office market will maintain moderate momentum, as health-care and business services remain the leading demand drivers. Absorption will continue to be positive, but at a relatively slow pace.