Preleasing begins on The Edgeworth Building in Ricmond's historic Tobacco Row district.

Preleasing Begins on Richmond’s Edgeworth Building

RICHMOND, VIRGINIA – Three new projects are expected for the upcoming year for The River Lofts and Shops at Tobacco Row.  The historical renovation of the Philip-Morris building will bring additional loft apartments to the mixed-use project.  Second, a new development of townhomes will be introduced to the area.  Third, The Edgeworth Building will provide the first Class A office space in the Tobacco Row project.

Brett Womack, principal of the Richmond office of Divaris Real Estate, Inc., has been appointed as the exclusive leasing agent for the office renovation of The Edgeworth Building, part of Richmond’s The River Lofts and Shops at Tobacco Row.  The 180,000-square-foot, Class A office building, is the next phase in the downtown Richmond redevelopment.  The pre-leasing has begun, with an expected delivery date of 2005.

“The office market in Richmond has been soft, with very little space added in the Class A category in the past five years.  And, as Tobacco Row has become more developed, it has become a more attractive location.  The timing is right,” says Womack.  The surrounding area features 65 restaurants, 25 retail stores and 10 museums. 

Built in 1920, the five-story Edgeworth Building originally operated as a tobacco factory for the Larus and Brothers Company.  Today, the historic structure has been converted into Class A office space which offers high ceilings and other architectural elements unlike any new office facility.  Located along the north bank of the James River, the building’s large stretch of windows offers breath-taking views.  The lobby showcases the building’s art deco detailing combined with the industrial history of the structure’s original use.  The Edgeworth Building also features an underground parking area for 19 vehicles with a secure gated entrance, a large conference room area, a rooftop garden and patio garden. 

The Edgeworth Building’s renovation is part of Richmond’s The River Lofts and Shops at Tobacco Row, a residential, office and retail center that has become one of the city’s most stylish attractions.  The 1.5 million square foot redevelopment aims to make the Tobacco Row area of downtown Richmond a central hub to work, gather and reside. 

Forest City Enterprises, headquartered in Cleveland, Ohio, is the developer of the project.  Begun in 1921 as a lumberyard firm, Forest City Enterprises has grown to operate a sundry of prominent real estate properties throughout 22 states and Washington D.C.  Currently, Forest City’s assets exceed $5 billion.

In 2001, the company transformed the American Cigar Company building into 171 loft apartments and retail space including the famed The Old Original Bookbinders Restaurant.  Recently, the second phase of the River Lofts at Tobacco Row introduced another 158 apartments with the renovation of the Consolidated and Carolina buildings.