Berkshire Hathaway Energy bought both buildings and the surrounding parking lots. (Aerial courtesy of Henrico County)
Capital One has an extra eight-figure wad in its wallet after a deal in Henrico with Warren Buffett.
Buffett’s BHE GT&S, a division of Berkshire Hathaway Energy, purchased two vacant Innsbrook office buildings from the credit card giant last week to serve as the company’s headquarters.
BHE GT&S paid $20.75 million for the Knolls 4 and Knolls 5 buildings at 10700 and 10750 Capital One Way in the northern end of the office park. The deal closed Dec. 1, according to a deed recorded with Henrico County.
The two buildings give the company a total of nearly 200,000 square feet of office space, which will be renovated and will replace it current HQ in Reynolds Crossing.
It’s expected to move in by the second half of 2023.
The company declined to comment on the deal.
CBRE’s Chris Wallace and Andrew Ferguson represented BHE GT&S in the purchase. Charlie Polk and Adam Lawson from JLL handled the listing for Capital One.
The two buildings are connected by a breezeway. (BizSense file)
Richmond has been the hub for BHE GT&S since it acquired Dominion Energy’s natural gas operations in late 2020 for $8 billion.
The company has since been based in 80,000 square feet of subleased space at 6603 W. Broad St. in a Reynolds Crossing building that was previously occupied by Altria.
The division has 1,600 employees in the U.S., including more than 200 in the Richmond area. The company focuses on natural gas transmission, natural gas storage, and liquified natural gas. Its U.S. operations span 10 states from New York down to Florida. It is one of 11 companies within Berkshire Hathaway Energy.
The renovations of the Knolls buildings, which are connected by a breezeway and were vacated by Capital One around three years ago, will be handled by HITT Contracting and designed by architecture firm ENV. Salas O’Brien is the engineer for the work.
Knolls 4 at 10750 Capital One Way houses 109,000 square feet across four stories, according to county records. It was built in 1996 and sits on nearly 16 acres. It was most recently assessed by the county at $14.8 million.
Knolls 5 at 10700 Capital One Way totals 95,000 square feet across three stories. It was built in 1988 and sits on seven acres. The property was most recently assessed at $12.7 million.
Michael Schwartz is the editor of Richmond BizSense, and covers banking, lawsuits, finance, M&A and golf. He can be reached at [email protected] or 804-855-1037.
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23 acres of asphalt appears to be a future mixed use redevelopment opportunity just around the corner. I foresee another Bizsense article on this site within a year.
From your keyboard to God’s eyes, Bruce!
This is great news. The believers in Unicorns were saying that Dominion, which provided cheap energy to Virginians compared to a LOT of other places, controlled the government too much, but it is clear that the government controlled Dominion and other utilities too much — forcing it to divest of some of its most valuable assets to smarter people at the worst possible time.
Now, those smarter people are planting roots here — this bodes well for Richmond.
Amen!! Fully agree. Very good sign that those smarter folks are indeed putting roots in RVA and have a stake in the economy here. Very positive for significant future ecomomic prospects for the city and the metro region.
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