Sands Anderson relocated its downtown Richmond, Virginia, offices to a modern, collaborative workspace, a show of commitment to a downtown that has seen office leasing slump amid pandemic-era trends while exemplifying the national push by companies to upgrade their offices to better attract and retain talent.
In recognition of the deal, the lease earned a 2024 CoStar Impact Award for lease of the year, as selected by an independent panel of local industry professionals.
Sands Anderson spent nine months renovating its space at Truist Place to feature the latest trends in the legal industry, including more huddle rooms and collaboration spaces, upgraded conference rooms and plenty of natural light, the firm said. The improvements were part of the company's plan to raise its profile while growing its business, government and litigation practices.
The move from its longtime offices at Bank of America Plaza, where it had been since 2010, cut about 4,000 square feet from its footprint while enabling the firm "to optimize its operations while creating an open, hospitable space for clients as well as attorneys and professional staff," it said.
The relocation continues the "flight to quality" trend as companies look to upgrade their office space to appeal to a modern workforce that emphasizes flashy workspaces and high-end amenities. These relocations often result in the pruning of office space as companies look to cut down on bloated footprints amid continued remote and hybrid work policies and absorb the higher rents that typically come with newer or renovated offices.
Despite the move, the deal keeps roughly 90 lawyers and legal professionals downtown and helps stabilize an office market that is grappling with rising costs and fluid in-office policies.
About the Project: Sands Anderson signed a lease last spring for roughly 34,700 square feet at Truist Place, a 25-story high-rise at 919 E. Main St. that stands as one of the tallest buildings in the city. The prominent mid-Atlantic law firm finalized its lease last spring with building owner Partners Group for its space on the 22nd and 23rd floors. Originally built in 1982, the property is 88% leased to a tenant roster that also includes the Virginia Passenger Rail Authority, the U.S. Attorney's Office and building namesake Truist, among others.
What the Judges Said: "Tom Rosman, director of commercial brokerage at One South Commercial, noted that in this era of high office vacancy, "it is good to see a Richmond company expand their footprint in downtown Richmond."
They Made It Happen: Margaret Hardy of Sands Anderson, and Eliza Izard, Jamie Galanti and Russell Wyatt of Commonwealth Commercial Partners, negotiated the lease.
CoStar Market Manager Christian Taylor contributed to this report.