SunTrust Banks Inc. Announces It'll Stay At Current Location

December 26, 2016

SunTrust Banks Inc. Announces It'll Stay At Current Location

SunTrust Banks Inc. recently announced the Virginia Division headquarters would stay at its present location in Richmond's downtown district. The decision is a reverse from what was announced earlier in the year. The bank previously stated it would vacate the home and become a tenant in The Locks 321 building - a 21-story, mixed-use riverfront building.

SunTrust President for the Virginia Division John Stallings said they were happy a deal could be reached for the bank to stay in the downtown area with up-to-date offices. He said the branch and its signature signs would stay at the present location. Additional renovations were being planned for the existing space, and plans were in the works to modernize areas so teammates and businesses' needs could be accommodated.

Stallings said the 919 E. Main lease was going to expire at the end of 2017. Although the company is not going to be at The Locks development, it noted that staying where it was at decreased its risk for not having the space needed before the lease expired.

Dominion Realty Partners proposed The Locks project and is set to occupy the corners of Easy Byrd and 10th Streets. SunTrust had previously said it would take up 53,000 square feet of space in a commercial part of that building.

Parmenter currently owns the 919 E. Main Street building, and the lease for the 75,000 square feet location would run through mid-2028. No details about the financials were made public.

John Davidson is Parmenter's regional managing principal said it was happy to have SunTrust Bank stay at its location because it's such a prominent presence in the area. He said there's still 120,000 square feet of office space available for new tenants to take advantage of.