Commercial real estate roundup, 10/25/10
- October 25, 2010
A major project in Northern Virginia wraps up while construction on another long-delayed project looks like a go. Meanwhile, two companies expand into new headquarter locations. This and other real estate news from around the state:
FAIRFAX — Developer Concord Eastridge has completed The Mason Inn, a 179,000-square-foot conference center and hotel on the Fairfax campus of George Mason University. Concord partnered with Balfour Beatty Construction, Gensler Architecture and Aramark Higher Education to develop the $50 million project under the state’s public/ private education act. The inn includes 148 guest rooms, a restaurant, 12 meeting rooms and 20,000 square feet of conference space. Named “Project of the Year” in the multi-family residential/hospitality category by Mid-Atlantic Construction magazine, the center is open to the public.
WASHINGTON, D.C. — CityCenterDC, a long-delayed project that would transform the District’s old convention center site, will break ground in April. Developer Hines/Archstone said last week that financing is imminent, and it plans to begin construction without a lead tenant. On the drawing board since 2003, the massive, urban project is expected to include 1 million square feet of office space, 330,000 square feet of retail space, a 350- to 400-room hotel, more than 600 housing units and 2,400 parking spaces. The bid process for subcontractors began on Oct. 10 and will continue through January.
WASHINGTON, D.C. — It’s official: the federal government is mandating agencies to go green when it comes to leasing or owning space. Going forward, the General Services Administration — the leasing agency of the federal government — will require gold certification through the Leadership in Energy and Environmental Design (LEED) program of the U.S. Green Building Council for construction projects. GSA-leased projects will require a silver LEED certification.
WASHINGTON, D.C. — CoStar Group Inc. has opened its expanded headquarters at 1331 L St. NW. The company, which provides information, marketing and analytics to commercial real estate professionals, relocated from Bethesda, Md. It bought a 10-story, LEED-certified building in February that will undergo $9 million in building and tenant improvements associated with the headquarters change. More than 600 jobs have moved to the building, making CoStar’s relocation the largest move into the District by a public entity or private company in 2010.
VIRGINIA BEACH — Virginia Natural Gas has moved into its new headquarters building. More than 100 employees from two locations are now under one roof in the 31,500-square foot on South Independence Boulevard. The two-story project, handled by Armada Hoffler and Chesapeake Coastal Construction Management & Development, includes many sustainable features. Its use of natural gas as the primary fuel is expected to reduce the systems’ electrical demands by 80 percent. A grand opening is planned for Nov. 3.
PORTSMOUTH — Schooler Properties of Portsmouth sold a 2.8-acre parcel of retail land for $2.3 million to Series C LLC. The deal was subject to a long-term land lease with WAWA. Thalhimer handled lease negotiations.
CHESTERFIELD COUNTY — The U.S. General Services Administration has leased 138,834 square feet of industrial space at Enterchange at Meadowville. The 226,810-square-foot complex is located off of Bermuda Hundred Rd, just off I-295. Thalhimer handled lease negotiations for the landlord.