Commercial real estate roundup
- February 8, 2010
BETHESDA — CoStar Group, the company that tracks real estate developments around the country, is moving its corporate headquarters to the District of Columbia. CoStar purchased the Mortgage Bankers Association’s building at 1331 L St. NW. for $41.2 million. The 169,429-square-foot class A building is gold certified under LEED (Leadership in Energy and Environmental Design) standards. CoStar said in a press release that it acquired the building for $243 dollars per square foot — less than half the current market rate median of $518 per square foot for Class A office buildings sold in Washington since Jan. 1, 2009. The building, which was 50 percent vacant, cost $90.6 million to construct in 2008. As an incentive, D. C. ‘s council approved $6.1 million in property tax abatements for CoStar over a 10-year period provided the company hires 100 district residents and meets other conditions.
ASHBURN — MRP Realty sold The Corporate Campus at Ashburn Center to First Potomac Realty Trust of Bethesda for $14 million, or about $72 per square foot, according to CoStar Group. The 2-year-old 194,183-square-foot project is partially built out as a data center. It also offers flex and office space, where were about 45 percent leased at the time of sale.
RICHMOND — Three Way Logistics has leased 85,417 square feet of industrial space at Interport Business Center in Henrico County. The California-based company specializes in project and heavy-lift support for domestic and international transportation. Focus markets include aerospace, medical and telecommunication industries. Thalhimer handled lease negotiations.
NEWPORT NEWS — Mumford Co. represented Supertel Hospitality in the sale of the Comfort Inn of Dublin to Vrindavan Hospitality LLC. This was the 33rd property that Mumford has sold on behalf of Supertel over the past 10 years. Vrindavan plans to renovate the property and retain the Comfort Inn franchise affiliation.
NORFOLK — Advertising agency Grow Interactive has purchased an historic building in downtown Norfolk for its headquarters. The company bought a three-story building on Granby Street, formerly the home of Altschuls, for $610,000 from Granby Street Investments LLC. The company plans to restore the property, built in 1917, and to move in by June.
WASHINGTON — Jones Lang LaSalle has named Thierry Delvaux as managing director of the firm’s International Desk. Delvaux is relocating from Budapest, Hungary, to set up the new international hub operation in the District. Its goal is to leverage LaSalle’s global platform, relationships and market knowledge to link clients with transactions specialists across the world. Before this assignment, Delvaux served as the country manager for Jones Lang LaSalle in Hungary and Romania.