JLL retained to lease 880 North Military Highway in Norfolk
JLL has been retained to lease the former JCPenney building at Military Circle Mall in Norfolk. The Norfolk Economic Development Authority (EDA) purchased the property at 880 North Military Highway in 2015 and is redeveloping it for office occupancy.
Movement Mortgage recently signed a lease to relocate and expand its operations center at the building, taking 90,000 square feet. The mortgage company plans to move into the space in the first quarter of 2017.
The assignment for JLL comes as Norfolk is looking at ways to transform the Military Circle and Military Highway area into a vibrant, walkable urban center. The recent announcements expected to drive traffic to the area. IKEA is opening its Virginia second location in the area, and the Norfolk Simon Premium Outlet Center will be located nearby with 90 new stores.
The city also has identified potential to extend light rail service to the area and support mixed-use along Military Highway for greater density.
There is about 100,000 square feet of office space available on the second floor of 880 North Military Highway, which JLL said can be divided into 25,000-square-foot increments. The property has more than 1,400 parking spaces.
“JLL is thrilled to work with the EDA on this project,” Deborah Stearns, senior vice president at JLL, said in a statement. “More and more office prospects are seeking large floor plans that complement higher density operations.’’
Stearns and Vice President Gregg Christoffersen are leading the JLL team leasing the building.