{"id":1004639070,"date":"2023-01-12T05:02:49","date_gmt":"2023-01-12T13:02:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004639070"},"modified":"2023-06-14T01:57:13","modified_gmt":"2023-06-14T09:57:13","slug":"commonwealth-commercial-to-manage-leasing-for-richmond-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commonwealth-commercial-to-manage-leasing-for-richmond-office-portfolio\/","title":{"rendered":"Commonwealth Commercial to Manage Leasing for Richmond Office Portfolio"},"content":{"rendered":"<div id=\"attachment_1004639072\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004639072\" data-attachment-id=\"1004639072\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-commercial-to-manage-leasing-for-richmond-office-portfolio\/westgate\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"westgate\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Westgate II&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg?w=1000\" class=\"wp-image-1004639072 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg?w=300\" alt=\"Westgate II\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/westgate-e1686736561762.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004639072\" class=\"wp-caption-text\">Westgate II. <em>Image courtesy of CommercialEdge<\/em><\/p><\/div>\n<p><strong>Commonwealth Commercial Partners<\/strong> LLC has been retained to provide leasing services for an 11-building, 726,000-square-foot Class A office portfolio in three Richmond, Va., submarkets in the Henrico and Glen Allen counties, including Innsbrook, Glenside\/Broad and Short Pump Town Center.<\/p>\n<p>CCP was selected by the assets\u2019 primary manager, <strong>Seminole Trail Management<\/strong>. In addition to its new leasing duties, the firm will continue to provide property management services across the portfolio.<\/p>\n<h2>The Richmond-area portfolio, in-depth<\/h2>\n<p>According to CommercialEdge information, the assets in the portfolio were constructed between 1984 and 2008 and are entirely owned and operated by <strong>Lingerfelt Commonwealth Partners<\/strong>. Tenants include both local businesses and national-level corporations such as Northwestern Mutual, Dominion Construction Partners and The Hanover Insurance Group, CommercialEdge data shows.<\/p>\n<p>The Henrico-area buildings include:<\/p>\n<ul>\n<li>Westgate II, located at 200 Westgate Parkway, a 60,226-square-foot building<\/li>\n<li>\u00a0Westerre III and Westerre IV, two office complexes located at 3900 Westerre Parkway and 3901 Westerre Parkway, respectively. The two buildings total 154,248 square feet.<\/li>\n<\/ul>\n<p>The properties in Glen Allen are:<\/p>\n<ul>\n<li>7130 Glen Forest Ave., an 80,323-square-foot property<\/li>\n<li>\u00a0Innsbrook Commons, a 60,169 square-foot building at 4121 Cox Road<\/li>\n<li>\u00a0The Commonwealth Building at 4198 Cox Road, a 44,089-square-foot office complex<\/li>\n<li>\u00a0Rowe Plaza, a 72,655-square-foot facility located at 4510 Cox Road<\/li>\n<li>\u00a0Liberty Plaza, 80,397 square feet of office space at 4801 Cox Road<\/li>\n<li>\u00a0The Suez Building, a 58,726-square-foot asset situated at 4880 Cox Road<\/li>\n<li>\u00a0Technology Pointe I and II, two buildings located at 5000 and 5500 Cox Road that total 112,263 square feet.<\/li>\n<\/ul>\n<div id=\"attachment_1004639073\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004639073\" data-attachment-id=\"1004639073\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-commercial-to-manage-leasing-for-richmond-office-portfolio\/attachment\/771528\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"771528\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Liberty Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg?w=1000\" class=\"size-medium wp-image-1004639073\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg?w=300\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/771528.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004639073\" class=\"wp-caption-text\">Liberty Plaza<\/p><\/div>\n<p>The CCP team slated to manage the portfolio\u2019s leasing is being led by Senior Vice President &amp; Partner Russell Wyatt, First Vice President Eric Hammond and Senior Associate Eliza Izard.<\/p>\n<h2>Richmond\u2019s leasing landscape<\/h2>\n<p>Recent leasing and construction activity from financial service companies, alongside a movement of government jobs to the area has given a boost to the Richmond office market, even as the sector struggles on a larger scale, data from a <a href=\"https:\/\/www.cbre.com\/insights\/figures\/richmond-office-market-figures-q4-2022\">fourth quarter 2022 report<\/a> from <strong>CBRE<\/strong> shows. In the final three months of 2022, nine high-profile tenants signed new leases and subleases totaling 311,000 square feet, a 14 percent increase from the previous quarter, but a 73 percent decrease from the previous year, according to the report.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-subleasing-strategies\/\"><span class=\"fl-heading-text\">Office Subleasing Strategies<\/span><\/a><\/p>\n<hr \/>\n<p>One recent high-profile sublease in the area was recently inked by <strong>Genworth Financial<\/strong>, which decided to occupy existing space as opposed to wait for the construction of a new headquarters. In December of 2022, the firm signed a 174,378-square-foot sublease at the <a href=\"https:\/\/www.commercialsearch.com\/news\/genworth-subleases-175-ksf-in-greater-richmond\/\">SunTrust Business Center<\/a> in Henrico County, pausing on its development plans for a new headquarters on West Broad Street.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Situated in Henrico and Glen Allen, the property collection totals more than 700,000 square feet.<\/p>\n","protected":false},"author":3012,"featured_media":1004639073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742,21747,21785,36153],"tags":[],"class_list":["post-1004639070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-property-management","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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