Commercial real estate roundup, 12/6/10
- December 6, 2010
ROSSLYN — It looks like Abdo Development’s $82 million Gaslight Square luxury condo project is a go. Cassidy Turley secured financing for the company’s 117-unit project in the popular Rosslyn/Ballston corridor in Arlington County. According to the Washington Business Journal, Federal Capital Partners will provide the equity-mezzanine debt while United Bank will provide construction financing. Abdo, based in Washington, D.C., plans to start construction by the end of the year. The Washington metro region has experienced a recent surge in multi-family projects, with developers announcing financing or groundbreakings on eight projects since September.
WASHINGTON — Brookfield Properties Corp. of New York bought an eight-story office building at 650 Massachusetts Ave. NW from Washington Television Center LLC for $113 million. The 317,000-square-foot building, which is 74 percent leased, is the global headquarters of Blackboard Inc., an education software company. Brookfield said in a statement that it used cash resources for the acquisition. “We are strong believers in the long-term viability of the D.C. office market …” Dennis Friedrich, CEO of Brookfield’s U S. Commercial Operations, said in a statement.
MCLEAN — Wyle, a provider of engineering and IT services to the federal government, has leased 35,944 square feet in a Class A office building at Tysons Corner. The company is relocating from another site in McLean. “Wyle will be taking the top two floors at 1600 International Drive with building signage. With this move, the company is upgrading its image and is closer to the amenity rich base of Tysons Corner,” CB Richard Ellis Vice President Dominic Orfitelli said in a statement. His company handled lease negotiations.
RICHMOND — Movieland at Boulevard Square has won two top awards from the Richmond chapter of the Urban Land Institute (ULI). The transformation of a former locomotive factory into a 17-theater cinema for New York-based Bowtie Partners won Most Innovative Project and Best Overall Project of the Year. Movieland was included as one of 10 outstanding adaptive reuse projects in the November/December issue of UrbanLand magazine published by the Urban Land Institute. The design by Richmond-based Commonwealth Architects was signaled out for the incorporation of the site’s rail history into the overall design.
RICHMOND — The GRTC Transit System’s new $37 million facility on Belt Boulevard won Industrial Project of the Year from Mid-Atlantic Construction magazine. The project houses all of the company’s 560 employees at one site and offers many updates. The corporate headquarters operates out of a three-story, 26,600-square-foot administration building, while operations are grouped together in a larger maintenance building. The project was the first public building in Richmond to gain a silver-level certification under the LEED program (Leadership in Energy and Efficiency Design). Howard Shockey & Sons served as the general contractor.
RICHMOND — Gator Development bought a 27,000-square-foot industrial building on Commerce Road for $450,000. CB Richard Ellis represented the company.
NORFOLK — Construction is under way on the $10 million, 60,000-square-foot National Institute of Aerospace Research Facility. The three-story project is going up on land donated by Hampton’s Industrial Development Authority. Financed through a grant from the Virginia General Assembly, the project will house research and laboratory space for the National Institute of Aerospace along with offices for the Hampton Roads Technology Council and Virginia Tech’s College of Engineering. It should be complete by December 2011. The design-build team is being led by Concord Eastridge, Virtexco Corp. and Tymoff & Moss Architects, all of Norfolk.
VIRGINIA BEACH — Global Rigging & Transport, a player in the heavy lift and transportation industry, is expanding in Virginia Beach. It plans to build a 10,000-square foot building on 2.4 acres on Taylor Farms Road. The company will invest $1.3 million for the construction. The project qualifies for $55,000 in economic investment program funds because of its location in the accident-potential zone near NAS Oceana.
VIRGINIA BEACH — Wal-Mart Stores East LP has leased 45,500 square feet of industrial space on Viking Drive. S. L. Nusbaum Realty Co. represented the landlord.