CB Richard Ellis Selected To Exclusively Lease One Of The Largest Vacancies In Hampton Roads
Norfolk, VA – October 13, 2009 – (RealEstateRama) — CB Richard Ellis is pleased to announce that it has been selected by USAA Real Estate Company to lease the former USAA Mid-Atlantic Regional Operations Building, a four-story, 368,668 square foot, Class A building, located at 5800 Northampton Boulevard.
With over 40 years of combined commercial real estate experience in Hampton Roads, Gray Randolph, Executive Vice President, and Don Crigger, Senior Vice president will handle the property.
“We are very excited to be chosen to market this property,” says Randolph. “It is truly one-of-a-kind and has no equal in the market in terms of its size, availability and amenity package. With its central location and competitive rental rate, we anticipate that it will compete well in Hampton Roads, as well as throughout the eastern United States.”
The property is located within Lake Wright Executive Park, a 31.97-acre campus near Interstate 64 and Military Highway. Other major tenants in the immediate area include: Zim America, CMA-CGM, Booz Allen Hamilton, and Virginia Oncology. The property intends to feature a picnic pavilion, sports complex, executive fitness center, on-site cafe, and day care center. Hotels and restaurants are within walking distance and the area includes private jogging trails and a spectacular view of Lake Wright.
“We look forward to working with this CB Richard Ellis team which has such a strong reputation in the market,” says Sam Mitts, Executive Managing Director with USAA Real Estate Company. “This facility has well served the needs of USAA for the past 17 years and we feel sure that, with all of its unique attributes, it will be an ideal asset for any companies looking for an unrivaled location in Norfolk.”
The property is owned and managed by USAA Real Estate Company.
About CB Richard Ellis- Locally
CB Richard Ellis/Norfolk and Newport News are CB Richard Ellis affiliate offices serving the Hampton Roads region. The firm assists real estate owners, investors and occupiers by offering strategic adice and debt and equity financing; and valuation and appraisal. The local offices closed more than $613 million in sales and leasing transactions in 2008. For more information about the Norfolk or Newport News offices, visit our Web sites, www.cbre.com/norfolk or www.cbre.com/newportnews.
About CB Richard Ellis – Mid-South Region
CB Richard Ellis is the only global real estate services firm with offices in Norfolk, Newport News, Richmond, Charlottesville, and Fredericksburg, VA, and Raleigh, Greensboro and Winston-Salem, NC. These offices are collectively referred to as the Mid-South region. The CB Richard Ellis Mid-South offices (excluding Northern Virginia and Charlotte, NC offices) closed more than $1.6 billion in sales and leasing transactions in 2008 and have an asset services portfolio of more than 49.0 million square feet.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
About USAA Real Estate Company
With more than $5 billion in assets, USAA Real Estate Company provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. USAA Real Estate Company specializes in office, medical office, industrial, public sector, retail, land and hotel properties in major national markets. They manage and supply leasing services to an aggregate portfolio exceeding 61 million square feet of commercial real estate nationwide.
