The Opportunity
Douglas Development owns a 258,400 SF office tower in downtown Richmond that experienced significant vacancy after its largest tenant consolidated operations and vacated the building. The departure left the property approximately 40% vacant, creating both leasing and valuation challenges.
Our Process
- The CCP team worked with the property’s asset manager to determine a well-rounded marketing strategy and how best to execute our plan.
- Targeting the current trade area through rooftop marketing, our team first reached out to existing and potential tenants in the local market, before gradually expanding efforts to a larger geographic reach.
- The CCP team was able to accommodate frequent property showings, often on short notice, and were proactive in their follow-up on every inquiry and objection. Our responsiveness, coupled with Douglas Development’s rapid decision-making and flexibility on build-out and terms, created the momentum needed to advance negotiations and secure these tenants.
Our Solutions
- Advised ownership on strategic spec suite renovations and executed a proactive marketing plan including weekly cold calls, broker outreach, social media campaigns, and detailed monthly reporting.
- Led responsive, high-energy leasing efforts by promptly engaging inquiries, conducting dynamic property tours, uncovering tenant needs, and consistently following up with prospects and brokers.
- Dedicated sustained effort toward securing a major State of Virginia requirement, successfully converting the opportunity into a long-term lease and subsequent expansion.
The Results
Through CCP’s consistent efforts to reach new tenants, we secured five new tenants to occupy 108,144 SF, filling nearly all vacant space. This higheffort strategy, paired with the ownership’s strong responsiveness, was instrumental in landing these tenants and transforming the building’s occupancy from 40% to near-full. The Department of Education Lease signed 12/29/25 was the largest single office lease deal signed in the Richmond MSA in 2025.
