Commercial real estate roundup

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Commercial real estate roundup

Norfolk — Construction began this week on a four-story, 100,000-square-foot building to make room for continued growth at Eastern Virginia Medical School. The bulk of the money for the $80 million project, $58 million, came from the state’s 2008 education bond package.  Once it’s completed in July 2011, the school plans to increase enrollment in its MD and physician assistant programs. The contractor is W. M. Jordan Co. of Newport News.

Richmond — Ernst & Young plans to relocate from the city’s central business district to the Edgeworth Building in historic Tobacco Row.  The accounting firm has signed a lease for 16,668 square feet, in the 12-block historic district in Shockoe Bottom area.  The Richmond office of Divaris Real Estate Inc. represented the landlord, Forest City Commercial Group, in lease negotiations.

The SunTrust Center continues to go green. To increase energy-efficiency at the 26-story skyscraper, local contractor Colonial Webb has been hired to do a major retrofit. It will replace old boilers with new boilers and a hot-water system that produces hot water on demand as opposed to storing water in a tank. The building’s owner, Miami-based Parmenter Realty Partners, expects the system to reduce gas consumption by 30 percent and to pay for itself within four to six years.

Newport News —  The Runner’s Source, a specialty running retail store, is relocating from Hilton Village to Port Warwick.  The new location will celebrate with a grand opening on Oct. 19.





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