Commercial real estate round up
- December 14, 2009
In a public-private deal, Virginia Commonwealth University announced today that it will begin work soon on a new $158.6 million School of Medicine education building. This and news about other projects from around the state.
RICHMOND — Over the next six months, the A. D. Williams Building on VCU’s medical campus will be taken down to make way for a 12-story, 200,000-square-foot, education building. The project has been designed by I. M. Pei’s firm, Pei Cobb Freed & Partners of New York and Ballinger architects of Philadelphia. Construction on the green-designed building is expected to begin in fall 2010. Almost half the money for the $158 million, private-public partnership comes from $70 million in state funds, with the balance coming from VCU and private funds. Real estate experts say public/government construction will be about the only pipeline for new projects in 2010.
The project will allow for the expansion of VCU-MCV’s student body to 1,000, helping Virginia to address a projected physician shortage. The building should be complete by spring 2013.
RICHMOND — Three local commercial real estate firms have joined forces to form The Shockoe Co. Kiniry & Co. Inc., Shockoe Properties Inc. and Shockoe Commercial Properties LLC have merged their talents to form a staff of 18 employees, providing full brokerage services. The company has 1.3 million square feet of property under management including The Vistas on the James Condominiums.
WASHINGTON, D.C. — Jones Lang LaSalle brokered a 12-year lease with the National Business Group for the second floor at 20 F Street. The nonprofit membership organization signed up for 14,445 square feet of space in the College of Surgeon’s building, a Class A office within walking distance of the Capitol. Jones Lang LaSalle also recently picked up the U.S. retail portfolio of Atlanta-based RREEF Real Estate. Its 29 assets in the U. S. include two major shopping centers in Fairfax County: Crossroads Center in Falls Church and Springfield Commons in Springfield.
FAIRFAX — On Jan. 1, Steven Peterson, 44, takes over as president of The Peterson Cos. He replaces Jim Todd, the real estate company’s president of 25 years. Todd said he plans to stay on in a part-time capacity as a senior advisor while Peterson takes over the company’s day-to-day operations. Peterson is the youngest child of company founder Milt Peterson, whose private company has worked on major development projects in Northern Virginia since the early 1970s. “I’ve been mentoring him for years,” said Todd. The succession plan to boost Steven to president was put in place a year ago, he added.
FREDERICKSBURG — A 51,000-square-foot flex office warehouse on nearly 10 acres at Celebrate Virginia Parkway has sold for $7 million. Blue Onyx Properties Inc. and Delmarva Contracting Inc. purchased the property from CVA Howells LLC. Thalhimer Cushman & Wakefield represented the seller in the transaction.