VCU Signs Letter of Intent to Buy Altria Building for USD 150 Million, Pending State Approval

Key Takeaways

• Virginia Commonwealth University has signed a letter of intent to acquire Altria Group’s downtown Richmond building for USD 150 million.
• The property covers 450,000 square feet on 4.3 acres and has an assessed value of about USD 275.97 million.
• VCU plans to use the facility to expand the Massey Comprehensive Cancer Center and support its School of Public Health and School of Pharmacy.
• VCU said constructing a similar facility would cost about USD 715 million.
• The acquisition still requires state authorization and funding approval and is under consideration in the state budget process.

2Firsts, March 13, 2026

According to Virginia Business, Virginia Commonwealth University has signed a letter of intent to acquire Altria Group’s 450,000-square-foot building in downtown Richmond for USD 150 million, but whether VCU can move forward with the purchase depends on approval from the General Assembly.

During a February subcommittee meeting of the school’s board of visitors, VCU Chief Financial Officer Meredith Weiss revealed that the university signed the letter of intent to purchase the site at 601 E. Jackson St. According to online tax records, the 4.3-acre property has an assessed value of USD 275.97 million. For more than a year, VCU has been interested in buying the nine-story facility, which includes research labs, a vivarium and academic space.

VCU hopes the purchase would allow it to expand its Massey Comprehensive Cancer Center by adding more research lab space. It also wants to use the facility to grow enrollment in VCU’s new School of Public Health and School of Pharmacy.

Weiss said the site could support research growth across all of the university’s health sciences, in addition to meeting the cancer center’s needs quickly and urgently.

She told the committee that, in her opinion, the property was a once-in-a-lifetime opportunity for VCU and described it as an incredible facility in excellent condition.

She also said constructing a similar facility would cost roughly USD 715 million. At the subcommittee meeting, Weiss recalled that colleagues had informed her the Altria building contained wet labs and office space that could be used for academic initiatives and that the building was likely not being fully utilised. She then contacted and spoke with Altria’s chief financial officer to determine whether there was interest in selling the facility, and there was.

The acquisition is not yet final. VCU spokesperson Michael R. Porter said that while the university is actively seeking to purchase the Altria facility, it still requires authorization and funding approval from the state government.

Porter said in an email that VCU has requested funding from the state to support the acquisition. Because the university needs state funding approval to move forward, he said it is too early to provide details about a closing date, occupancy or renovation costs, although VCU expects the facility will need renovations before it can be occupied.

The matter is being considered in the state budget this year, and budget negotiators are expected to continue working on it until the legislative session adjourns sine die on Saturday.

Porter stressed that VCU needs the facility to support its growing health sciences academic programming and research enterprise.

Altria previously said that if it reached a deal with VCU and the sale closed, it would likely build a new research facility at Philip Morris USA’s Manufacturing Center complex.

An Altria spokesperson declined to comment on the timeline of a potential acquisition or on the company’s plans for the site, saying that approvals are still pending in the General Assembly.

Image source: Virginia Business