Richmond, Va. – June 26, 2024
MEK Management Service, Inc., on behalf of the Ownership of 200 S 10th Street in Downtown Richmond, has come to an agreement with their anchor tenant, Williams Mullen, to extend the remaining term of their lease by 7 years. This negotiation was executed well before their initial expiration date in an effort to restructure the economics and square footage of the original lease early, in return for a longer-term commitment to the building.
Jamie Galanti and Thomas Hatcher, with Commonwealth Commercial Partners, consulted for Williams Mullen during the negotiation, and Trib Sutton, with Divaris Real Estate, Inc., represented the Landlord.
“Williams Mullen is a firm we work closely with in our day-to-day business, and is obviously well known in the market. It was wonderful to provide them with some expert analysis and negotiation consultation that resulted in a long-term commitment to their home both for them, and the Building Owners, while realizing some significant savings compared to their original lease,” commented Thomas Hatcher.
“We value our presence in the heart of downtown Richmond, which provides optimal accessibility for many of our clients, and is the hub of our operations,” said Woody Fowler, president and CEO of Williams Mullen. “We were very pleased with the guidance provided to us by Commonwealth Commercial Partners along with the cooperation of Divaris Real Estate, Inc. that allowed us to achieve our goal of remaining in the Williams Mullen Center with a much-improved financial arrangement.”
The exact deal terms haven’t been disclosed.
About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.