Commercial real estate round up, 8/30/10
- August 30, 2010
Several projects are underway, and a government contractor signs a lease for more than 100,000 square feet at Reston Town Center. This and other real estate news from around the state:
JAMES CITY COUNTY — Tidewater Physicians Multispecialty Group (TPMG), a physician-owned medical group, is building a new 40,000-square-foot office in Discovery Business Park in the county’s New Town area. The two-story building will provide suites for physical therapy, orthopedics, imaging, a sleep center and other medical specialties. Leebcor Inc. and Guernsey Tingle Architects of Williamsburg are providing design and construction services.
RESTON — Government contractor STG signed a 10-year-lease for 111,896 square feet at One Reston Overlook in the Reston Town Center office park. The property, developed by Boston Properties in 1999, offers 12 stories of space. STG is taking the second, third, fourth and 12th floors. The contractor is relocating from 86,000 square feet of space at Plaza America. Grubb & Ellis represented STG while Prospective Inc. represented Boston Properties.
CHESTERFIELD COUNTY — OrthoVirginia MOB, LLC purchased 9 acres of land in the Boulders Office Park for $1.3 million from Richmond Hospitality LLC and Union Boulders Land. OrthoVirginia plans to build a 70,000-square-foot, $25 million medical office building for sports medicine and rehabilitation. Thalhimer handled sale negotiations.
RICHMOND — Gilbane Development Co. has started construction on a 285,000-square-foot student housing project across the street from Virginia Commonwealth University. The building, called 8½ Canal Street, was designed by Grant Architects. It will include 160 units on six levels, with parking on two levels. Units will offer one to four bedrooms. Amenities will include a café, game room, fitness center and courtyard gardens. The project will be completed by fall 2011.
RICHMOND — Divaris Property Management Corp. has been awarded the on-site management of the new Williams Mullen office tower. The law firm of Williams Mullen has leased 140,000 square feet of space in the 16-story 269,844 square-foot building. It includes 5,100 square feet of retail space on the ground floor.
RICHMOND — A $3 million renovation of Kent Road Village Apartments is underway. Upgrades to the 69-year-old, 88-unit complex will include energy efficient systems and new kitchens and bathrooms. New two-bedroom townhouse apartments also will be available soon. MGT Construction, a subsidiary of Thalhimer, is handling the renovation and new construction on behalf of TGM Realty Advisors Inc. and Georgetown Enterprises.