Posts Tagged ‘Norfolk Virginia’

NS Sells Headquarters Building in Norfolk

June 26, 2020

The headquarters building for Norfolk Southern in Norfolk, Virginia, has been sold.

The carrier sold the building to TowneBank and Children’s Hospital of the King’s Daughters.

NS plans to move its headquarters to Atlanta but will continue to have some offices in the Norfolk building through 2021.

The former NS headquarters building will be named after TowneBank, which is based in Suffolk, Virginia. The structure had been named Norfolk Southern Tower.

The bank and the hospital company each plan to occupy 10 floors of the 21-story building. Terms of the deal were not disclosed. NS has had offices in the Norfolk building since 1988.

NS Eyes Building HQ Building in Midtown Atlanta

November 13, 2018

Norfolk Southern has proposed building a new headquarters bulding in Midtown Atlanta.

Documents released by Invest Atlanta, the city’s economic development agency, show that NS is considering creating a facility of 750,000 square feet of office space and a daycare center for employees’ children.

The cost of the building was put at $575 million. NS, which has operational headquarters in Atlanta, said relocating its corporate headquarters from Norfolk, Virginia, would create 850 new jobs to go with the 2,025 employees it already has in Atlanta.

The building would be located at West Peachtree Street at Ponce de Leon Avenue and Third Street.

The Atlanta City Council has approved up to $1.9 million in public financing to CIM Group, a California developer, to redevelop an area known as the Gulch area of downtown Atlanta.

NS owns 16 acres in the Gulch, which consists of parking lots and rail lines and it selling its Gulch properties to CIM Group and using the proceeds to invest in its new headquarters.

NS Seen as Likely to Move HQ to Atlanta

October 24, 2018

Norfolk Southern appears poised to moves its corporate headquarters to Atlanta a video made by CEO James Squires suggests.

The Virginian-Pilot of Norfolk said the video is intended for employees, but has not been posted on the NS website.

NS is currently based in Norfolk, but has numerous offices in Atlanta, including its operational headquarters.

Reports have circulated for more than a month that NS is eyeing moving from Norfolk to Atlanta, but the company has declined to confirm it is considering that other than to say it is developing a new long-range plan with several options, including the “possibility of consolidating headquarters into a single location.”

That statement did not describe any locations.

The Norfolk newspaper said the video featuring Squires “makes clear that an Atlanta move is now front-and-center,” with a potential timetable in place for when employees would make the move.

“We are considering the consolidation of our Norfolk headquarters into Atlanta, but only if many aspects can be resolved to make sense for Norfolk Southern, its shareholders, and its employees,” Squires said in a statement containing a link to the nearly five-minute video.

NS HQ Decision Expected Soon

October 4, 2018

Norfolk Southern expects to make a decision soon on moving its corporate headquarters to Atlanta from Norfolk, Virginia.

Norfolk Mayor Kenny Alexander said his understanding is that “a deal has already been struck.”

The Virginian-Pilot of Norfolk cited “unnamed sources close to Norfolk Southern” as saying that moving the headquarters to Atlanta is only a matter of time.

However, if NS plans to move to Atlanta it faces potential obstacles over a controversial real estate deal that must be approved by the Atlanta City Council.

NS owns property in the Gulch neighborhood of downtown Atlanta and stands to benefit from a proposed $1,75 billion in public financing toward an estimated $5 billion development plan.

Georgia Gov. Nathan Deal has said NS will only move its headquarters to Atlanta if it sells the property in question.

In the meantime, the railroad has been reported to be looking in Atlanta for a suitable building to house its corporate headquarters that it would pay from the proceeds of the Gulch neighborhood property.

News reports indicated that NS had told Atlanta officials that it wanted to see the Gulch property before releasing its third-quarter earnings report.

NS has said little about the situation other than releasing a statement that it is in the process of developing its next long-range plan and considering many courses of action, including the possibility of consolidating headquarters into a single location.

Norfolk has offered NS city-owned property for a new headquarters site that is close to the railroad’s current headquarters building.

Virginia officials have raised the prospect of millions in state dollars for new job incentives.

NS CEO James Squires met earlier this week with Virginia’s Secretary of Commerce and Trade and head of the Virginia Economic Development Partnership.

In Atlanta, the development of the NS property in the Gulch neighborhood is strongly opposed by community advocates, who have called it a giveaway of tax revenue needed for education and other public services.

NS has 2,800 employees in the Norfolk region and more than 4,700 in Georgia.

NS operating headquarters are in Atlanta and the carrier is in the process of moving all of its dispatcher there by the end of the year. NS is also consolidating its operating divisions.

 

Norfolk Fears Losing NS Headquarters

September 13, 2018

Virginia officials have expressed alarm at the prospect of Norfolk moving its headquarters from Norfolk, Virginia, to Atlanta.

NS employs 500 in downtown Norfolk and, of course, the city is a major part of the railroad’s identity.

Some have noted, though, that another part of that identity, the Southern Railway, was traditionally headquartered in Atlanta.

As it is, NS employs 1,900 at the Goode operations building in Atlanta where NS has long housed members of its operations and engineering departments.

If NS were to move its corporate headquarters to Atlanta that would mean as many as 1,400 new jobs, although not all would come from Norfolk.

Losing the NS headquarters would cost Norfolk more than prestige.

“Norfolk Southern is a great corporate citizen, and although the majority of their employees are in Atlanta, they have employees all across the nation, and they continue to have a very strong presence in Hampton Roads as a major employer, Fortune 500 company and corporate citizen,” said Norfolk Mayor Kenny Alexander. “To lose any part of that would be devastating to our community.”

James Koch, an Old Dominion University economist, said losing NS “would constitute a body blow to the regional economy and especially to Norfolk.”

Koch noted that NS has steadily been moving some senior employees to Atlanta so there has been speculation for some time that a relocation of the headquarters might be coming.

“‘Well-paid individuals would depart. It would also result in a significant decline in regional charitable contributions, memberships, civic participation, and a noticeable decline in restaurant and entertainment patronage as well,” he said.

NS has been coy about its plans.  “Norfolk Southern is in the process of developing its next long-range plan,” said NS spokesperson Susan Terpay.

“That effort is considering many courses of action, including the possibility of consolidating headquarters into a single location. Our long-range plan is complex and will take time to develop, and Norfolk Southern will publicize our plans and decisions when appropriate. Until then, our focus will be on the plan’s development.”

NS once had a significant office presence in Roanoke, Virginia, but in 2015 it began moving employees from that office to Norfolk and Atlanta and closed it 203,000-square-foot Roanoke office building.

NS May Move HQ to Atlanta

September 11, 2018

Norfolk Southern may move its headquarters from its namesake city to Atlanta.

News media reports said NS already has a large regional office in Atlanta and if the rest of the corporate offices are moved there it would result in the transfer of 1,000 jobs.

NS sources have indicated that moving the headquarters out of Norfolk, Virginia, is being considered but no decisions have been made.

“Our long-range plan is complex and will take time to develop, and Norfolk Southern will publicize our plans and decisions when appropriate. Until then, our focus will be on the plan’s development,” railroad officials said.

NS to Expand Norfolk Headquarters

March 22, 2016

As part of its plan to consolidate corporate offices in Atlanta and Norfolk, Virginia, Norfolk Southern will spend $8.2 million to expand its Norfolk offices, which will continue to be the company headquarters.

NS logo 1NS plans to add 165 employees to its Norfolk officers, many of whom are being transferred from officers in Roanoke, Virginia, that the company said last year it would close.

Employees in the railroad’s industrial products, coal marketing, sourcing, tax, treasury and audit and compliance departments are being relocated from Roanoke to Norfolk.

Roanoke remains the headquarters for the NS Pocahontas Division. Once the transfers are completed, NS will employ more than 1,350 NS in Roanoke, many of whom are operating employees and shops workers.