Dominion buys empty Innsbrook office building from Capital One for nearly $15M

Last week the parking lots surrounding Knolls III were primarily empty, with a single Dominion truck parked near the front door. (Mike Platania photo)

Two of the bigger corporations in town have struck a deal in Innsbrook.

Dominion Energy recently purchased the Knolls III office building at 4851 Cox Road from Capital One for $14.6 million, according to Henrico County records. 

The ’90s-era building sits on 17 acres at the northern end of Innsbrook, about 1.5 miles from Dominion’s recently renovated technical center. The sale closed May 5, per county records. The property was most recently assessed at $8.2 million. CBRE’s Andrew Ferguson and Chris Wallace represented Dominion in the deal. 

A Dominion spokesperson said the company bought Knolls III “to accommodate current and future headcount growth in the Innsbrook area.”

Capital One, whose local nerve center is in West Creek, continues to own the neighboring Knolls I and II office buildings, but all three of the Knolls buildings appear to be vacant at present. Spokespeople for Capital One were not available for comment by press time. 

When it comes to local real estate, Dominion has primarily been a seller in recent years.

Downtown, the utility sold its Eighth & Main office tower last year to Douglas Development, which is converting the 20-story building into hundreds of apartments and hotel rooms. It also recently sold five acres it owned in the Fan to a developer that’s brought over 100 apartments and townhomes to the land, with plans for more. 

Dominion is still sitting on a vacant city block it owns at 701 E. Cary St. downtown, which it had previously proposed for a new sister headquarters building before briefly putting the plot on the market. 

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