Philip Morris USA Headquarters to Relocate from New York to University of Richmond's Alcoa-Reynolds Building
March 4, 2003
University of Richmond officials announced today that Philip Morris USA has agreed to lease the entire Alcoa-Reynolds Building at Richmond Quadrangle, the former Reynolds Metals executive offices at I-64, West Broad Street and Glenside Drive.
The university acquired the 250,000-square-foot facility through a generous gift-purchase agreement with Alcoa Corp. in 2001.
Philip Morris USA, a subsidiary of Altria Group Inc., plans to relocate its corporate headquarters from New York to the Richmond facility. Around 700 employees currently work at the New York facility. The relocation will integrate the company's headquarters employees with the 6,800 employees and functions already located in Richmond.
"This agreement will benefit the University of Richmond by providing the resources to fund our strategic priorities in the short term, while preserving this historic property for future use by the university," said President William E. Cooper.
On Jan. 2, the university announced that its Management Institute and two local businesses, Hankins & Anderson consulting engineers and the Virginia Women's Center medical practice, would relocate to the Alcoa-Reynolds Building. Philip Morris later contacted the university, expressing interest in leasing the entire building.
University officials were able to reach an agreement with Hankins & Anderson -- the only company that had signed a lease -- to relinquish its space and locate an alternative site. Virginia Women's Center and The Management Institute have been notified that the space they were seeking is no longer available.