Commercial real estate round up, 7/6/10

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HERNDON — KBS Realty Advisors of Newport, Calif., bought Dulles Station East I for $68.4 million. The 186,724-square-foot building, built in 2008, is 88 percent leased to two tenants. The six-story office tower is one of the focal points of Dulles Station, a 63-acre, mixed-use office, residential and retail complex taking shape in Herndon. It’s located at the pedestrian access point of the proposed Route 28 Metro Station extension to Washington-Dulles International Airport, which should be complete by 2016.

WASHINGTON, D.C.  — Bethesda-based First Potomac Realty trust has purchased its first downtown Washington office building. It bought a fully leased, nine-story, Class A property at 500 First St. NW for $68 million. The 129,035-square-foot building, which is undergoing renovations, is next to Georgetown Law School and near Union Station.

NEWPORT NEWS — Northrop Grumman Corp. has selected Armada Hoffler as the developer to build its new Newport News Apprentice School.  Based in Virginia Beach, Armada Hoffler will design and build a replacement facility for the 90-year-old school. The complex will include classrooms, a dormitory and parking garage. It will be built on a site near the Northrop Grumman Newport News Shipyard.  Armada has done major projects across the state, including Town Center of Virginia Beach and the Williams Mullen tower in downtown Richmond.

ROANOKE — MB Contractors, fornerly Martin Bros. Contractors, Inc., has been named as general contractor for the renovation of Roanoke’s landmark City Market Building. Work will begin in September on the three-story building that sits in the heart of the city’s popular downtown market. The $4.9 million, 33,280-square-foot project includes gutting the building’s interior and upgrading plumbing, mechanical and electrical features.  The renovations also will meet certification for sustainable building, under LEED guidelines (Leadership in Energy and Environmental Design).

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