Commercial real estate roundup, 12/27/10
- December 27, 2010
CHESAPEAKE — MEB General Contractors, in a joint venture with Noah Enterprises, will build a $10 million headquarters for the First Naval Construction Division in Norfolk. The new building will consolidate 150 workers from various departments who are now located in several buildings at the Little Creek/Fort Story naval base. The building will house offices for high-ranking officers and will be the first LEED –certified (Leadership in Energy and Environmental Design) project on the base.
SPRINGFIELD — Redevelopment of the aging Springfield Mall could get underway as soon as the first quarter of 2011 now that owner Vornado Realty Trust has settled financial issues on the property by buying back its own debt at a discount. The company said that it paid $115 million to acquire the mortgage loans, which had a balance of $171.5 million. Earlier New York-based Vornado had been shopping the debt, sparking speculation that lenders might foreclose on the mall. Opened in 1973, the 1.4 million square-foot Springfield Mall has been falling into disrepair, with about a third of its storefronts vacant. Vornado plans a multi-phase makeover that will start with a new movie theatre, food court and interior renovations.
WASHINGTON, D.C — The National Association of Manufacturers has signed a 41,732-square-foot lease with Skanska USA Commercial Developer Inc. for a building that Skanska is developing at 733 10th St. NW. The association plans to move into two floors of the building in April 2012.
WASHINGTON, D.C. — Williams Mullens decided to stay in its current space, although at a more favorable rental rate. The Richmond-based law firm renewed a lease for 21,776-square-feet at 1666 K St. NW. Its Washington office is located in a 12-story, Class A building at Farragut Square. Studley Inc. represented the law firm while Vornado represented the landlord, Vornado Realty Trust.
FAIRFAX COUNTY — The General Services Administration is leasing the second floor of an eight-story office building near Tysons Corner. The federal agency signed a five-year lease for 32,458 square feet of space in a 256,272-square-foot building on Gallows Road. Other tenants in the building include SAIC and Product Solutions. Jones Lang LaSalle brokered the transaction.
YORK COUNTY — A Bank of America branch sold for $890,000 as an investment. George and Peri Linton Trust purchased the property in Grafton from the Francis Marie Suttle Revocable Trust. Thalhimer handled sale negotiations.