Philip Morris Gives Gotham the Boot in HQ Move

HENRICO COUNTY, VA-In an endeavor valued at $300 million, Philip Morris USA has decided to relocate its corporate headquarters from New York, NY to Henrico County, VA. The company will settle itself into the 250,000-sf former Reynolds Metal Co. corporate base on West Broad St., at the intersection of Glenside Rd. and I-64. The building became the property of Alcoa when it took over Reynolds Metal and closed the plant. But Philip Morris will lease the building from the University of Richmond, which acquired the structure and 35 neighboring acres from Alcoa in late 2001.

Both Philip Morris and local and state officials in Virginia tout the logic behind the relocation to Henrico County, the suburban region surrounding the state capital city of Richmond. “We’re home to three other Fortune 500 companies,” Henrico County executive director Fred Agostino tells GlobeSt.com. Circuit City is on that list. “The reason this is considered a good home for folks is basic quality of life,” Agostino adds. “Companies need to attract and retain professional employees and we have the community that will allow them to do that. For instance, we have one of the best school systems in the country–not just in Virginia. And what you pay for the high quality of life is very, very, modest compared to other places. So, it’s kind of a different world down here.”