DGS joins Virginia Worker's Compensation Commission in celebrating their 100th year and their new headquarters
The Department of General Service, Division of Real Estate Services (DGS) joined the Virginia Workers' Compensation Commission (VWC) on March 26, 2018, as the commission celebrated 100th anniversary and its new headquarters at 333 East Franklin Street in Richmond with a ribbon-cutting ceremony and tour. The relocation is the latest successful partnership between DGS and the commercial real estate development community to help relocate a state agency into a modern facility that better to suits their needs in the most cost-effective manner.
VWC moved into the building formerly owned by Media General Inc. in December of last year after working with DGS to find a location that met VWC's requirements. VWC was able to remain in the City of Richmond and is now within walking distance to the Capitol complex. VWC's move allowed it to consolidate three locations into one for operational efficiency while also providing better security for staff and visitors.
Hourigan Development responded to a DGS request for proposals and proposed the Media General building to meet VWC's needs. Hourigan purchased the property and performed the necessary renovations to provide a turnkey lease/purchase solution for VWC. VWC is currently leasing the building and will close on the purchase of the building this summer. VWC currently occupies approximately 104,000 square feet of the 125,000-square-foot facility, allowing for another state agency or private sector tenant to occupy the building to offset operational expenses.
"A successful real estate transaction occurs when all parties win. The lengthy patient search to find the right match for VWC lead us to a team of individuals willing to take an entrepreneurial approach and to a property that exceeded our expectations in quality, cost and location."
DGS provided the following services to VWC as part of its search for a new headquarters:
- DGS assisted VWC in the identification their space needs to meet their business mission to define their facility requirements.
- DGS assisted with the market research, review, and assessment of more than two dozen properties in the greater Richmond metropolitan market.
- DGS negotiated the transaction terms and construction budget with Hourigan Development.
- DGS assisted in the drafting and review of the transaction documentation.
- DGS will continue to complete all due diligence items, including appraisals, final budget approval, title work, environmental studies, surveys and related agreements, for VWC's acquisition of the property.
DGS helps state public bodies determine the best real estate solution to meet their needs. Our experienced real estate professionals and contracted commercial broker lead agencies through the often complex real estate transaction and continue to serve as an advocate for the agency and the Commonwealth after the agencies relocation.