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Altria : may build addition, new parking garage at HQ Altria files plans for possible addition to its headquarters in Henrico

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09/14/2017 | 08:22am CET

Tobacco giant Altria Group Inc. is considering an expansion of its Henrico County headquarters office complex.

The parent company of cigarette maker Philip Morris USA filed documents with the Henrico County planning department on Tuesday for an addition to its headquarters building at 6601 W. Broad St. in the Reynolds Crossing development near Interstate 64.

The plans call for a four-story, 170,000-square-foot addition on the north side of the office building, along with a 481-space parking garage east of the current building and an elevated bridge connecting the parking deck and main building.

A spokesman for Altria said the company is "evaluating options to meet our future workspace needs, including exploring an expansion, but no decision has been made."

Altria has reported that about 600 people work at the 250,000-square-foot headquarters office building.

Philip Morris USA has occupied the building since 2003 when it moved its corporate offices from New York City. Its parent company, Altria, joined its subsidiary there in March 2008.

Altria acquired the building and 35 acres in June when it paid $20.8 million to buy the property from the University of Richmond.

The university acquired it in December 2001 from aluminum giant Alcoa Inc., which had inherited the complex when it purchased Reynolds Metals Co. in 2000.

The building opened in 1958 and was designed by architect Gordon Bunshaft for Reynolds Metals. The structure is on the National Register of Historic Places because of its exceptional architecture and its use of aluminum.

The engineering and surveying firm for the proposed project is Timmons Group, according to the plans filed with the county.

Altria also leases space in other nearby buildings, including an eight-story building across Forest Avenue from its headquarters. A 15-year lease on that 222,057-square-foot building, which was built in 1968, expires in 2024.

Richmond BizSense first reported the possible expansion.

[email protected]

(804) 775-8123

© © Copyright 2017, Richmond Times-Dispatch, Richmond, VA, source Newspapers

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Financials ($)
Sales 2018 19 788 M
EBIT 2018 9 755 M
Net income 2018 7 055 M
Debt 2018 11 854 M
Yield 2018 4,63%
P/E ratio 2018 16,85
P/E ratio 2019 15,58
EV / Sales 2018 6,76x
EV / Sales 2019 6,53x
Capitalization 122 B
Chart ALTRIA GROUP
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Technical analysis trends ALTRIA GROUP
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 77,2 $
Spread / Average Target 21%
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Managers
NameTitle
Martin J. Barrington Chairman, President & Chief Executive Officer
Howard A. Willard Chief Operating Officer
William F. Gifford Chief Financial Officer & Executive Vice President
George Muñoz Independent Director
Thomas F. Farrell Independent Director
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