SunTrust to relocate and be anchor tenant in new downtown office building

Published January 20, 2016 by Paula C. Squires

SunTrust Banks Inc. will leave its longtime home in downtown Richmond and be the anchor tenant in a 21-story, mixed-use riverfront project, the bank announced Wednesday.

The commercial part of the project, where SunTrust will be located and have rooftop signage, will be known as The Locks at 321.  Dominion Realty Partners is the developer behind the $93 million project at the corner of 10th and East Byrd Streets. Company Principal Michael Campbell said an old empty warehouse sits on the site now. Dominion Realty is in the midst of obtaining approval from the city for the site's new plan of development, and it plans to start construction on the tower in late spring, he said. The property already is zoned for mixed use, he added.

The 3TwentyOne building will have a parking deck and 137,000 square feet of commercial space, taking up the first nine floors, Campbell said. On the tenth floor will be an outdoor pool and plaza gathering area for residents who will live in 187 apartments located on the 11 floors above that. “Ten stories up with a pool and an outdoor area overlooking the city skyline and the James River. It will be pretty dramatic,” said Campbell.  The residential portion of the building will be called The Residences at 3TwentyOne. 

“The 3Twenty-One building is the culmination of years of redevelopment along the James River and was made possible by the city of Richmond, Venture Richmond and the property owners along the Haxall Canal that put the necessary infrastructure in place creating development opportunities that showcase the James River,” said Campbell. “SunTrust’s commitment to this project represents the peak of downtown Richmond’s evolution as the capital’s new business frontier, and we are proud to be part of the next phase of urban growth that combines state-of-the-art, Class A office and residential development.”

Dominion Realty Partners, which has offices in Richmond and Raleigh, said it has been involved in more than $250 million in development along the Richmond waterfront. Those projects include Riverside on the James, Vistas on the James, The Residences at the John Marshall and The Links Apartments. 

Atlanta-based SunTrust, one of the largest financial services providers in the Richmond area, plans to relocate its current Richmond division main office of about 200 employees from 919 E. Main to the new building.

It would occupy 53,000 square feet of space, which is scheduled to be completed by December 2017. Paul Silver and Brian Berkey of Cushman & Wakefield | Thalhimer represented SunTrust in the lease negotiations.

“Richmond is an important market for us, and moving our Richmond main office to this new location reaffirms our commitment to the downtown area and the entire region,” John Stallings, Virginia division president, said in a statement. 

SunTrust also announced the relocation of employees from three suburban office locations to a new SunTrust Center, currently known as WestMark I on West Broad Street in Henrico County. The new SunTrust Center will bring nearly 1,000 operations and service employees together under one roof, occupying 212,000 square feet. The space will include fully integrated technology, a fitness center, café, and conference and collaboration rooms. The project also is scheduled for completion by the end of 2017.  Thalhimer's Jeff Cooke represented RER/ New Boston West Broad LLC, owner of WestMark One.

“Bringing our teammates together under one roof at the new SunTrust Center will foster collaboration, increase productivity and enhance our ‘one-team’ approach,” said Pam Kilday, executive vice president of operations.

The SunTrust branch network, SunTrust Mortgage campus on Semmes Avenue and SunTrust Innsbrook will not affected by these moves.

Dominion Realty said JDavis has been engaged to design the building. The general contractor will be Choate Construction.