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Henrico launches office buildings incentive program
During the pandemic, the office industry was “hit hard and quick,” says Jane DuFrane, senior vice president and Richmond market leader of Highwoods Properties, the Richmond area’s biggest landlord. But because office lease contracts last several years, “we didn’t feel the pain of COVID until those office leases[...]
The Virginia Home plans $128M campus in Hanover
The Virginia Home plans to build a $128 million, 75-acre campus in Hanover County, according to a Thursday announcement by the nonprofit, which serves adults with irreversible physical disabilities. The current facility in Richmond will be sold, a spokesperson said. At its location overlooking Richmond’s Byrd Park, The Vir[...]
Altria Group names new board member connected to Hasbro
Hasbro board chair and the toymaker’s former interim CEO Richard S. Stoddart will join the Altria Group board of directors Monday, the Henrico County-based, Fortune 500 tobacco manufacturer announced Thursday. Stoddart will serve as a member of the board’s nominating, corporate governance and social responsibility co[...]
Va. Chamber of Commerce reveals next president and CEO
Cathie J. Vick will be the new leader of the Virginia Chamber of Commerce, starting April 1. The business advocacy organization with more than 30,000 members announced on Tuesday her appointment as president and CEO. Vick is currently vice president of corporate and government affairs at Transurban, one of the world’s larg[...]
$40M Diamond District lawsuit dismissed in Richmond
A Richmond Circuit Court judge dismissed a $40 million lawsuit over the city’s $2.44 billion Diamond District project last week, in which a Connecticut developer claimed its former partners, including Richmond’s Thalhimer Realty Partners, cut it out of the development deal. Judge Bradley B. Cavedo ruled Jan. 22 in fa[...]
Pharma company to invest $54.2M in Richmond R&D facility
Pharmaceutical company Haleon will invest $54.2 million to upgrade its research and development facility in Richmond and launch an internship program in partnership with state government and Virginia Commonwealth University, Gov. Glenn Youngkin announced Monday. The physical upgrades at the facility, located at 1211 Sherwood Ave[...]
Virginia Realtors has a new CEO
Rick Lugg is Virginia Realtors’ new CEO, effective immediately, the trade organization announced Friday. The association’s longtime chief financial officer and chief operating officer, Lugg replaces Terrie Suit, who retired last fall. Martin K. Johnson, Virginia Realtors’ chief external affairs officer, served [...]
Fed approves Atlantic Union-Sandy Spring bank acquisition
Richmond-based Atlantic Union Bank is one step closer to completing its $1.6 billion purchase of Maryland’s Sandy Spring Bank. The Federal Reserve Bank of Richmond, acting on delegated authority from the Board of Governors of the Federal Reserve System, has approved the merger, the parent companies of the two banks announc[...]
New York investment firm purchases Short Pump Station for $54.96M
Nuveen Real Estate, a New York investment management firm, purchased Short Pump Station in western Henrico County from Wafra, an alternative investment managing firm also based in New York, for $54.96 million on Dec. 30, 2024, according to a Tuesday announcement by Wafra and Henrico County records. Grocery retailer Trader Joe[...]
Boston private equity firm to acquire Sauer Brands
Duke’s Mayo and its parent company, Richmond‘s Sauer Brands, will change hands in a deal between Boston-based private equity firm Advent International and North Carolina’s Falfurrias Capital Partners, which purchased Sauer a little over five years ago. Terms of the pending acquisition, which was announced Monda[...]
Here’s what Richmond Fed chief forecasts for 2025 economy
The economic forecast for 2025 is sunny, with a high chance of business optimism, according to Federal Reserve Bank of Richmond President and CEO Tom Barkin, who spoke Thursday during the virtual 2025 Financial Forecast held by the Virginia Bankers Association and the Virginia Chamber of Commerce. “I went back this morning and[...]
Richmond starts water testing, but city remains under boil water advisory
On Thursday, Richmond Mayor Danny Avula said that water levels have risen across the city to the point that authorities have started testing samples for contamination and most buildings in the city have at least some running water, four days after the city’s water treatment plant failed following a winter storm. A Jan. 6 p[...]
