Capital One has an extra 8-figure wad in its wallet after a deal in Henrico with Warren Buffett.
Buffett’s Berkshire Hathaway Energy purchased two vacant Innsbrook office buildings from the credit card giant last week to serve as the company’s headquarters.
BHE paid $20.75 million for the Knolls 4 and Knolls 5 buildings at 10700 and 10750 Capital One Way in the northern end of the office park. The deal closed Dec. 1, according to a deed recorded with Henrico County.
The two buildings give BHE a total of nearly 200,000 square feet of office space, which will be renovated and will replace the company’s current HQ in Reynolds Crossing.
It’s expected to move in by the second half of 2023.
BHE declined to comment on the deal.
BHE was represented in the deal by CBRE’s Chris Wallace and Andrew Ferguson. Charlie Polk and Adam Lawson from JLL handled the listing for Capital One.
Richmond has been the hub for BHE since it acquired Dominion Energy’s natural gas operations in late 2020 for $8 billion.
BHE has since been based in 80,000 square feet of subleased space at 6603 W. Broad St. in a Reynolds Crossing building that was previously occupied by Altria.
The company has 1,600 total employees in the U.S., Canada and the U.K., including around 300 in the Richmond area. The company handles everything from electric utility to wind energy and natural gas. Its U.S. operations span 10 states from New York down to Florida.
The renovations of the Knolls buildings, which are connected by a breezeway and were vacated by Capital One around three years ago, will be handled by HITT Contracting and designed by architecture firm ENV. Salas O’Brien is the engineer for the work.
Knolls 4 at 10750 Capital One Way houses 109,000 square feet across four stories, according to county records. It was built in 1996 and sits on nearly 16 acres. It was most recently assessed by the county at $14.8 million.
Knolls 5 at 10700 Capital One Way totals 95,000 square feet across three stories. It was built in 1988 and sits on seven acres. The property was most recently assessed at $12.7 million.