Travelers Insurance relocating to Henrico County

Travelers Insurance plans to relocate this summer from the Arboretum Office Park in Chesterfield County to 71,817 square feet of office space in Deep Run III in Henrico County.

The 348,174-square-foot, Class A, building at 9954 Mayland Drive was previously the headquarters facility for Circuit City.

According to Cushman & Wakefield | Thalhimer, Travelers will occupy the top floor of the six-story building and a portion of the fourth floor. Tapping into the building’s 64,000-square-foot floor plate, Traveler’s architects were able to maximize the efficiency of the company’s modular furniture and downsize from approximately 99,000 square feet at the Arboretum.

Altogether, the firm will occupy just more than 20 percent of the building.

With three other leases out for signature, the building’s ownership anticipates Deep Run III will be one-third filled by this summer. Diversified Realty Ventures LLC and joint venture equity partner Markel/Eagle purchased the building in 2011 for $12.5 million and embarked on a $9 million renovation with updates to bathrooms, the lobby and common areas.

The project also includes a 115-person conference room, a 3,500-square-foot cafeteria and a fitness area with showers and lockers.
In addition, construction has begun on a 750-car parking deck that will increase the building’s parking to about 1,845 spaces.

Mark E. Douglas, and Austin H. Newman of Cushman & Wakefield | Thalhimer handled lease negotiations on behalf of the landlord, DR III LLC.