Commercial real estate roundup
- January 18, 2010
VIRGINIA BEACH — South University is entering the Hampton Roads market with a 32,600-square-foot campus in the Convergence Center Office Park off I-264 near Virginia Beach Town Center. The Savannah-based private educational institution has one other Virginia location in Richmond, and seven campuses altogether. Classes will begin in Virginia Beach in April.
WASHINGTON — Atlanta-based law firm Troutman Saunders has signed a 16-year, 114,000-square-foot lease for the top two floors and another floor at 401 9th Street, NW. A recent merger with Ross, Dixon & Bell prompted the need for a new lease, which includes a 36,000-square-foot expansion to accommodate 100 lawyers and a support staff of 75. Studley represented Troutman Saunders during lease negotiations.
WASHINGTON — Petch Gibbons has joined Cushman & Wakefield’s brokerage team as an executive director in office leasing. Gibbons previously served as president of GVA/Advantis, overseeing 14 offices and more than 500 employees.
WOODBRIDGE — Potomac Mills, the state’s largest retail outlet mall, has picked up several new tenants. Bose, J. Crew and Victoria’s Secret plan to open new stores this spring.
CHESAPEAKE — Financial Assurances LLC purchased the 11,962-square-foot Bainbridge Retail Shops shopping center for $900,000 from B&L Investments. Thalhimer handled sale negotiations.
CHARLOTTESVILLE — The University of Virginia Foundation bought the Biotage Building in the university’s Research Park for $5.5 million. The 51,700-square-foot building is a Class A property and one of eight buildings in the park. The foundation will lease half of the building to Nitek, Inc.