Capital One hiring 1,000 in Virginia, 700 in Henrico | Richmond Times-Dispatch

Buzz up!
Henrico, Va. —

Making the largest Richmond-area jobs announcement in years, Capital One Financial Corp. said yesterday that it is hiring 1,000 people this year and next, including 700 who will work in Henrico County.

“It’s probably been at least two years since we have had an announcement with these kind of numbers,” said Gregory H. Wingfield, president and CEO of the Greater Richmond Partnership, a regional economic-development agency.

Capital One is an existing company that has ramped up over the last 15 years or so and still has a large life cycle as it adds new product lines,” Wingfield said.

The new jobs will support all segments of the company’s businesses, including credit card, banking and financial services, said Julie Rakes, spokeswoman for McLean-based Capital One. Salaries will run the gamut, depending on the job, she said.

The 300 positions beyond the 700 in Henrico will be filled at locations in Northern Virginia or at West Creek Business Park in Goochland County, the central campus for Capital One’s business operations, Rakes said.

Capital One already is one of the Richmond area’s largest employers, with 7,000 workers in the region, and has a total of 9,400 statewide.

Gov. Bob McDonnell commended the company’s decision to continue growing in Virginia. He approved a $300,000 grant to support the company’s recruitment and training activities.

While it is hiring now, the company has laid off workers over the years as it evolved from a credit card company into one of the top 10 U.S. banks in terms of deposits. Capital One cut 124 jobs in 2009, according to notices filed with the state.

“It’s been up and down like a yo-yo over the years, but this announcement to support new services in the bank framework is very positive for the greater Richmond area,” Wingfield said.

Many new employees will work in the Innsbrook Corporate Center in western Henrico, where the credit card and banking company recently purchased two buildings formerly occupied by Wachovia Securities. The brokerage left the Richmond area after it merged about two years ago with A.G. Edwards and moved to St. Louis.

“People can go to to see what open positions are available at any given time,” Rakes said. “We have already hired several hundred new positions so far in 2010,” she said, declining to be more specific.

Capital One bought Innsbrook Center I and Innsbrook Center II for $17.5 million and closed on the deal in August. The buildings are near three other buildings that the company occupies in Innsbrook.

“Combined with our current, adjacent facilities in Innsbrook, we can establish a campuslike setting in Innsbrook,” Rakes said.

“Capital One’s decision to select Henrico County’s Innsbrook office park to grow its operations again is very welcome news,” Patricia S. O’Bannon, chairwoman of the Henrico Board of Supervisors, said in a statement.

The decision speaks to the county’s pro-business environment and high quality of life, O’Bannon said.

Capital One is renovating Innsbrook Center I and II and plans to occupy the buildings in late 2011. Operations and call-center functions will be located in the buildings, Rakes said.

“These buildings will accommodate future growth and allow Capital One to operate more efficiently,” she said.

The buildings have a total of 192,000 square feet.

“That’s a pretty good chunk of office space — a huge shot in the arm for Innsbrook,” said Scott Durham with CB Richard Ellis, a commercial real estate firm that handled the sale.

The vacancy rate at Innsbrook has topped 30 percent in the past year as three major tenants vacated huge blocks of space there.

Two once-stalwart Richmond-area companies, LandAmerica Financial Group Inc. and Circuit City Stores Inc., vacated about 1 million square feet in the Innsbrook area after they folded in 2009.

The high vacancy rate at Innsbrook is a misnomer, Durham said. The issue has more to do with the departures of two headquarters and a large user such as Wachovia Securities and not with an abundance of available space for small to mid-size users, he said.

With Capital One’s purchase, “one of the three problems has been resolved,” Durham said.


Contact Carol Hazard at (804) 775-8023 or

This is HUGE news for the Henrico VA Real Estate market as jobs drive property values.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s