RICHMOND, VA – October 21, 2009 – (RealEstateRama) — The Washington, D.C. office of Hines, the international real estate firm, announced today that Branch Banking and Trust Company (BB&T) has signed a long-term lease for 140,000 square feet of office space at the 951,616-square-foot Riverfront Plaza in downtown Richmond. The 21-story, two-building complex is located at 901 and 951 East Byrd Street on the banks of the James River. BB&T will relocate and consolidate their Richmond-based regional headquarters office, their brokerage operation Scott & Stringfellow, and BB&T Capital Markets from nearby Richmond locations. Upon lease commencement in 2010, the firm’s more than 500 employees will occupy the property.
Stevens Gentil and Chuck Ellsworth of Grubb & Ellis|Harrison & Bates represented BB&T in lease negotiations, while Michael Campbell of Dominion Realty Partners represented Hines.
A significant portion of the space leased by BB&T is the space recently vacated by Wachovia Securities, which relocated from Richmond to St. Louis due to its merger with A.G. Edwards.
“While we are disappointed to see the headquarters of Wachovia Securities leave Richmond, we are especially pleased to be bringing BB&T, a strong and exceptionally well- respected financial institution, to Riverfront Plaza to join our many other highly valued tenants,” said Hines Vice President of Asset Management Thor Headley.
“This move demonstrates our long-term commitment to downtown Richmond and enables us to bring together employees across our financial services spectrum to better serve our clients,” said Andy Hughes, president of BB&T’s Central Virginia Region. “Our ability to make this happen in the current environment also demonstrates the financial strength and stability of BB&T.”
With the signing of the BB&T Lease, Riverfront Plaza is 95 percent leased to Hunton & Williams; LeClair Ryan; Virginia Economic Development Partnership; and UBS, among others. A portion will continue to be leased by Wachovia Securities.
Riverfront Plaza was acquired in 2006 by the Hines U.S. Core Office Fund LP. Designed by HKS, Inc. Architects, the project was completed in 1990. Last year, under Hines’ management, the building was recognized by the Environmental Protection Agency (EPA), earning the EPA’s highly regarded ENERGY STAR® label in recognition of outstanding energy conservation. It was the first privately held commercial office building in downtown Richmond to receive this recognition.
About BB&T
At Sept. 30, Winston-Salem, N.C-based BB&T Corporation (NYSE: BBT) had $165.3 billion in assets and operated more than 1,800 branches in 13 states and Washington, D.C. More information about the company is available at www.BBT.com.
About Hines
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 449 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.
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