LandAmerica Moving Headquarters

The real estate outfit will move to suburban Glen Allen, Va., from nearby Richmond.
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LandAmerica Financial

(LFG)

set plans to sell its Richmond, Va., headquarters and move to a new corporate campus in a nearby suburb.

The real estate transaction services provider said it will move into 297,000 square feet in suburban Glen Allen. Right now LandAmerica's 128,000-square-foot headquarters is in Richmond proper.

"Since occupying its current space in 1998, LandAmerica has significantly expanded its business to broaden the depth and breadth of its real estate transactions services offering," said CEO Theodore L. Chandler Jr. "This move will consolidate several leased and owned spaces into one location to allow for more efficient and productive corporate operations. With a history in Richmond that dates back more than 80 years, we believe the Richmond metro area offers a great environment for the company to continue to grow."

LandAmerica said it will take a first-quarter charge of $8 million to write down the carrying value of the headquarters building and related assets. LandAmerica expects to spend $2.9 million to exit leases and move.