Reynolds Deal is Completed. Family Buys Back Part of Corporate Complex

A large part of the for­mer Reynolds Met­als cor­po­rate com­plex in Hen­ri­co Coun­ty is back in the hands of the Reynolds fam­i­ly.

A fam­i­ly part­ner­ship paid $30 mil­lion for two build­ings, the land around those struc­tures and about 50 unde­vel­oped acres.

The deal, com­plet­ed yes­ter­day, doesn’t affect a pur­chase made by the Uni­ver­si­ty of Rich­mond in Decem­ber. UR bought the Reynolds cor­po­rate head­quar­ters build­ing and 35 acres in a deal val­ued at $20.8 mil­lion.

“We are real­ly excit­ed to have the land back in the Reynolds fam­i­ly,” said J. Sargeant Reynolds Jr., who led the family’s effort. He is a great-grand­son of the com­pa­ny founder.

The part­ner­ship includes Ran­dolph Reynolds Sr., a for­mer com­pa­ny vice chair­man; his sons, Ran­dolph and Robert; and his broth­er, William G. Reynolds.

Alcoa Inc. sold the build­ings and land to the fam­i­ly. The Pitts­burgh-based alu­minum com­pa­ny inher­it­ed the 120-acre com­plex in 2000 when it bought Reynolds. The com­plex is on the south side of West Broad Street near the Glen­side exit of Inter­state 64.

The Reynolds fam­i­ly bought the eight-sto­ry, 233,806-square-foot gen­er­al office build­ing, com­plet­ed in 1968, and a two-sto­ry, 63,826-square-foot infor­ma­tion ser­vices build­ing, com­plet­ed in 1977.

Alcoa plans to lease space in the build­ings for its con­sumer pack­ag­ing unit and com­put­er cen­ter, said Don­na C. Dab­ney, Alcoa’s cor­po­rate sec­re­tary and assis­tant gen­er­al coun­sel.

“We are very pleased that it will remain in the Reynolds fam­i­ly and they will do a good job at devel­op­ing it,” she said.

Some ren­o­va­tion will take place in the eight-sto­ry gen­er­al office build­ing so oth­er ten­ants in addi­tion to Alcoa can lease space, Sargeant Reynolds said.

Beyond that, plans are uncer­tain but could include retail and office devel­op­ment, he said. The unde­vel­oped land, for instance, has zon­ing in place for up to 1.3 mil­lion square feet of office space. A mas­ter plan will be devel­oped over the next cou­ple of months.

“We’ve already had a tremen­dous amount of inter­est from both office and retail users,” he said.