H
ighwoods Properties has shifted the management of its Richmond portfolio to Cushman & Wakefield | Thalhimer, a move highlighted by fresh signage on its Innsbrook buildings. The transition covers all 2.2 million square feet of office space across roughly 24 local sites, with Thalhimer taking over leasing, maintenance, and administrative duties. About 20 of Highwoods’ Richmond employees will now work for Thalhimer.
The local holdings include 20 buildings in Innsbrook, the 106 Shockoe Slip tower (123,000 sq ft, home to The Martin Agency), and four Stony Point offices totaling about 371,000 sq ft. Highwoods, a Raleigh‑based REIT active in nine southeastern markets, has long owned property in Richmond but has seen limited growth prospects there. CFO Brendan Maiorana explained that maintaining a full‑time Richmond team would require significant investment, so outsourcing to Thalhimer seemed more practical. He noted similar arrangements elsewhere, such as the transfer of Pittsburgh assets to JLL.
Thalhimer President Eric Robison emphasized that the partnership preserves the service level Highwoods has offered. “We share core values, and the transition will be seamless for tenants,” he said. Maiorana added that the day‑to‑day operations will now be handled by Thalhimer, while Highwoods’ investment stake remains unchanged.
Most of the local workforce is moving to Thalhimer; a few employees have chosen other paths. Jane DuFrane, longtime vice president and market lead, will retire after 30 years, while Kristie Inge, with over two decades at Highwoods, will join Thalhimer as senior vice president overseeing leasing.
The agreement took effect on September 1. Shortly thereafter, Highwoods sold a four‑story Stony Point building to VCU Health for $16 million. Maiorana said the company is selectively divesting noncore assets and will continue to recycle capital within normal parameters.
