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The relocation is part of a consolidation of BB&T Corp.'s operations in Richmond. The Winston-Salem, N.C.-based bank bought the brokerage in 1999.
BB&T's other operations here are the regional headquarters office for the bank and BB&T Capital Markets, a corporate finance subsidiary.
Those operations will occupy five floors, taking about 140,000 square feet of office space, in Riverfront's West Tower. Also, BB&T will operate a branch office and training facility on the first floor.
"This shows our continued commitment to downtown Richmond," said S. Buford Scott, chairman of Scott & Stringfellow. "While other firms might move from our community, Scott & Stringfellow is staying and trying to grow and make our community stronger," Scott said.
The headquarters of Wachovia Securities, now Wells Fargo Advisors, relocated from Richmond to St. Louis as part of its 2007 merger with A.G. Edwards. It once occupied most of the West Tower. About 100 employees work there now. The company is still on the hook for 195,000 square feet of leased space in the building.
Scott & Stringfellow had looked at sites with attractive lease rates in Henrico County, Scott said. "But that did not appeal to us at all."
The brokerage always has been in Richmond. It was founded in 1893 by Scott's grandfather, Frederic W. Scott, and Charles S. Stringfellow. Scott still uses his grandfather's roll-top desk, which he plans to take to Riverfront with him.
About 500 BB&T employees will work at Riverfront Plaza. The move is scheduled for May.
Rufus Yates, president and chief executive officer of Scott & Stringfellow, said in a note to employees that Riverfront would give BB&T employees a landmark building in which to work and strengthen the firm's image with clients and prospects who visit the Richmond office.
With the signing of the long-term lease, Riverfront Plaza is 95 percent leased, according to Hines, a Houston-based real estate firm that owns the building.
Tenants include Hunton & Williams, LeClair Ryan, the Virginia Economic Development Partnership and UBS.
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Contact Carol Hazard at (804) 775-8023 or chazard@timesdispatch.com.
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