As it really works towards a by-product and IPO of its mortgage insurance coverage division, Genworth Monetary can also be contemplating the redevelopment of its 45-acre Henrico headquarters.
The corporate confirmed Monday that it’s briefly transferring its native workforce from its long-standing multi-manufacturing complicated at 6620 W Broad St. to a single workplace throughout the road at Reynolds Crossing.
It has subleased 88,000 sq. ft at 6603 W Broad St, previously occupied by Altria.
Genworth stated the brand new location will assist present a short lived stopover for its staff because it begins its “subsequent chapter.”
“To supply a extra trendy office for our associates and to make the perfect of the dear actual property belongings we have now on the Richmond campus, we’re planning a redevelopment of the campus,” the corporate stated in an emailed assertion.
“We are going to quickly start a course of to establish and have interaction a improvement accomplice, or companions, who can work greatest with us to attain the very best and greatest use for the campus and assist the thriving Richmond group.”
The corporate stated a brand new Genworth headquarters constructing will likely be a part of a wider redevelopment web site, which is described as mixed-use to incorporate workplace area for added tenants, retail and restaurant area, and townhomes and flats.
Genworth stated it has about 850 staff who usually work on the Henrico campus. It expects a mixture of about 300 of these figuring out of Reynolds Crossing House on any given day, as soon as it begins bringing its staff again into the workplace on a extra common foundation. It has stated it’s but to deliver again its full workforce for the reason that pandemic started, as a substitute permitting staff to proceed working from house. It added that the combo of in-person and at-home work will proceed.
“Whereas our Richmond companions will proceed to function in a hybrid method for the foreseeable future, our momentary area gives a cheap area answer the place Genworth collaborators can collaborate extra successfully, holding their commute just about unchanged, and may see the campus redevelopment progress because it occurs,” it stated within the assertion.
Genworth’s plan for redevelopment may open up its 45 acres and permit it to capitalize on the world’s thriving actual property market.
The campus at present consists of 4 buildings with roughly 500,000 sq. ft of workplace area, a lot of it in its prime and vacant from each the pandemic and previous downsizing.
The property additionally has some vacant land, a big parking deck and a small parking deck.
The complicated is owned by Newco Properties Inc. of Genworth. The meeting was not too long ago assessed by the county at a mixed $54 million.
Henrico County already sees the land of Genworth as a sexy place on its future improvement map. The property was the topic of a constitution in 2019 to start a examine of the perfect makes use of of the premises, amongst different parcels across the county.
Genworth’s momentary cease throughout the road is one other wing within the hat for Reynolds Crossing and the previous Altria constructing. The identical constructing wooed Warren Buffett’s Berkshire Hathaway Power with a 79,000-square-foot lease final 12 months. The deal coincided with Berkshire’s acquisition of Dominion Power’s pure gasoline operations.
Within the meantime, Genworth continues to maneuver towards a by-product and public itemizing of its mortgage insurance coverage division. The brand new subsidiary, referred to as Enect Holdings, will likely be majority-owned by Genworth.
The anticipated IPO will assist increase capital to repay Genworth’s debt, which was deserted after a failed deal to be acquired by China Oceanwide Holdings.