Commercial real estate roundup, 8/9/10
- August 9, 2010
WASHINGTON — In one of the largest lease deals ever for the federal government, the U.S. Securities and Exchange Commission has agreed to lease 900,000 square feet at Constitution Center for 10 years. Formerly known as the David Nassif Building, the landmark property on Seventh Street recently was renamed during renovations that updated technology and security standards. The SEC is expanding to perform more regulatory functions under the recently passed financial reform legislation.
HENRICO COUNTY — Capital One Financial Corp. has purchased two buildings in the Innsbrook Corporate Center so it can expand its call center and operations. The company paid about $17 million for 200,000 square feet, or $85 per square foot, according to local sources. The vacant buildings, formerly occupied by Wachovia Securities, are close to the company’s existing campus. With Capital One taking this large block off the market, Innsbrook’s vacancy rate drops from 24.9 percent to 12.5 percent.
FREDERICKSBURG — Defense contractor A-T Solutions Inc. plans to move into a larger office in Fredericksburg. It signed a 40,000-square-foot lease for a building on Spotsylvania Ave. owned by MGP Real Estate LLC. Vienna-based A-T plans to use the location for a new counterterrorism operations training facility. Jones Lang LaSalle Inc. represented MGP in the transaction while The Ezra Co. and Thalhimer represented the tenant.
CHESAPEAKE — East Coast Equipment Partners, one of the largest John Deere franchisees in the mid-Atlantic, purchased nearly 3 acres of land on South Military Highway for $920,000 from Freedom Properties, LLC. The company, with 13 locations in Virginia and North Carolina, plans to open a new John Deere franchise at the site. Thalhimer represented the seller in the transaction.