Commercial real estate roundup, 11/15/10
- November 15, 2010
Construction is under way on a new Marriott Marquis in the nation’s capital, while a demolition signals the next stage of development for a town center in Stafford County. This and other real estate news from around the state:
WASHINGTON, D.C. — The first shovel of dirt turned last week on the long-awaited, $550 million, 1,175-room Marriott Marquis. It’s scheduled to open in 2014, next to the Walter E. Washington Convention Center. The mega-hotel will offer a 30,000 square-foot ballroom and two smaller ballrooms of 10,800 square feet each, along with other amenities, including a rooftop terrace. Cooper Carry Architects and TVS architects, both of Atlanta, designed the project. It will be developed by Quadrangle Development Corp. and Capstone Development LLC. The construction phase is expected to create 1,600 construction jobs, with another 1,000 hotel-related jobs to come after the Marriott opens.
ARLINGTON — Gibbs & Cox has signed a five-year, 29,144-square-foot renewal that expands its space at Airport Plaza I. The naval architecture and marine engineering firm is among several tenants who are leasing space in the building. Cassidy Turley handled the lease transaction for Gibbs & Cox, while Konterra Realty LLC represented the building’s owner.
STAFFORD COUNTY — A former Big Lots store is being torn down to make way for the next stage of development at The Town Center at Aquia. Developer Ramco-Gershenson Properties Trust, based in Farmington Hills, Mich., is transforming what had been a grocery store-anchored community shopping center into what eventually will be a 725,000-square-foot mixed-use development. New office space, retail and a new Regal Cinema is expected to be ready by spring 2012.
SUFFOLK — Big Lots has extended its lease on 33,599 square feet of space at Suffolk Plaza. S. L. Nusbaum Realty Co. represented the landlord.
HENRICO COUNTY — Independent Container Line, which has its corporate office in Richmond, has leased 28,153 square feet of space in the Innsbrook Corporate Center. Commonwealth Commercial Partners Inc. represented the tenant, and Thalhimer represented the landlord during the transaction.
HENRICO COUNTY — Health Informatics International renewed its lease for 19,078 square feet of space for five years at a medical office building on Parham Road. CB Richard Ellis handled the lease transaction.
ROANOKE — Eastpark Drive Properties LLC purchased an 81,000-square-foot, industrial building in Botetourt County’s EastPark Commerce Center for $2.2 million. The property was formerly occupied by Johnson Controls which closed its local assembly and manufacturing operation. The new owners bought the building as an investment, and it is available for lease. Waldvogel Commercial Properties, Inc. represented the seller, York International Corp.
VIRGINIA BEACH — Towne Insurance Group, which acquired the Taylor Johnson Group earlier this year, is consolidating its offices into 19,000-square-feet of space at the Olympia Development. Towne wil occupy the third floor of Olympia’s Convergence Center IV building. Seventy employees from existing offices in Chesapeake, Norfolk and Virginia Beach, plus those from the Taylor group, will work at the Class A building located in the Central Business District.