Arlington-based supply chain management technology company Interos Inc. has hired Aida Sukys as chief financial officer.
Sukys was previously CFO at Justworks Inc., a human resources tech company. Sukys also was the group CFO and global head of financial business services for Willis Towers Watson PLC, a global risk management and insurance company. In that role, she led acquisitions and growth efforts and supported the company’s transition from a private company to a public one.
“Aida shares our vision to deliver the world’s most powerful operational resilience technology to our discerning — and growing — customer base of procurement and other supply chain professionals worldwide,” Interos founder and CEO Jennifer Bisceglie said in a statement announcing the hire in late August. “Her extraordinary financial acumen, keen strategic focus, and proven track record to scale growth are perfectly aligned with where we are on our journey in providing our customers the technology from which to build trust and operational resilience with their extended third parties.”
In 2021, Interos was valued at $1 billion, launching the woman-led company to unicorn status.
“I’m honored to be joining Interos at this exciting juncture in their history,” Sukys said in a statement. “I can’t think of a more important and relevant business to be part of as the world wrestles with so many material supply chain challenges brought on by third party risk.”
Interos’ software-as-a-service cloud platform uses artificial intelligence to model businesses ecosystems. Its customers include Fortune 500 companies, the Department of Defense and NASA, according to a news release.
Arlington-based Accenture Federal Services promoted Elaine Beeman to chief leadership officer on Sept 2.
In her new role, Beeman will focus on employee experience and succession planning and will continue leading the federal contractor’s civilian portfolio.
Beeman joined AFS in 2009 as managing director of customer relationship for Accenture’s health and public service business. In 2015, she became lead for AFS’ civilian portfolio, focusing on workforce development and inclusion and diversity initiatives.
“Leadership development is a fundamental part of building an exceptional workplace for our employees,” Beeman said in a statement. “I look forward to coaching, mentoring and inspiring the extraordinary talent within Accenture Federal Services to take the company’s growth to the next level.”
Beeman joined AFS’ parent company, Accenture LLP, in 1993 and spent two years with Accenture in Australia, where she led the business transformation team for Telstra, an Australian telecommunications company. Before joining Accenture, Beeman led customer service and marketing programs at AOL.
Beeman earned her bachelor’s and master’s degrees from the University of Delaware.
Accenture Federal Services is a wholly owned subsidiary of Accenture LLP, part of Irish Fortune Global 500 company Accenture PLC. Accenture has more than 710,000 employees across 120 countries and reported $50.5 billion in fiscal year 2021 revenue.
Julian Nebreda will become Arlington-based energy storage and digital applications company Fluence Energy Inc.’s president and CEO on Sept. 1.
Nebrada succeeds Manuel Pérez Dubuc, who will step down on Aug. 31. Nebreda has been a Fluence board member since September 2021 and was most recently executive vice president and president of U.S. & Global Business Lines for Arlington-based Fortune 500 energy company AES Corp., a role in which he was responsible for the growth of AES’ renewables in the U.S.
AES co-founded Fluence as a joint venture with global industrial manufacturing conglomerate Siemens AG in 2018. Valued at more than $1 billion, the unicorn company launched its initial public offering in October 2021 and is on track to post fiscal 2022 revenue of $1.1 billion. Fluence announced late last year that the Qatar Investment Authority would invest $125 million in the company, with AES and Siemens retaining approximately 44% shares each of the company.
Fluence specializes in energy storage technology and associated services and solutions to complement renewable energy projects such as wind and solar farms. Its products include an artificial intelligence-driven technology platform for managing and bidding on energy assets. The company has 4,800 megawatts of energy storage across 185 storage projects deployed, under contract or under management in 30 markets worldwide.
“I am honored to lead Fluence into the next phase of its maturity and growth,” Nebreda said in a statement. “The potential of this company is tremendous and Fluence is well positioned to capitalize on the broader energy transition. As we take Fluence to the next level of success, we will focus on delivering sustainable profitability, while continuing to capture the growth offered by our young industry.”
As price growth slowed and inventory increased slightly, Northern Virginia housing sales dropped 28.8% in July compared with last year, according to a Northern Virginia Association of Realtors report published Friday.
“More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat,” NVAR President-Elect Heather Embrey, a Realtor with Better Homes and Gardens Real Estate Premier, said in a statement. “Well-maintained, updated properties that are priced correctly are still in very high demand.”
The median price for a home sold in Northern Virginia last month was $650,000, up 1.6% from July 2021, but lower than June’s median of $684,500. In July 2019, the median price was $542,750.
Houses spent an average of 15 days on the market, the same average as last year. In June, homes sold in 12 days on average.
The total sold volume in July was $1.37 billion, down 23.7% compared with July 2021. The number of active listings last month was also down from July 2021, dropping from 2,533 to 2,477 listings. In July 2019, the number of active listings was 2,635.
NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Reston-based satellite telecommunications company SES Government Solutions has completed its $450 million acquisition of Arlington-based Leonardo DRS Inc.’s Global Enterprise Solutions satellite communications subsidiary following receiving regulatory approval.
SES Government Solutions, a subsidiary of the Luxembourg-based satellite telecommunications network company, announced the deal’s completion Aug. 1. Leonardo DRS, a subsidiary of Italian defense contractor Leonardo SpA, agreed to the sale in March. The combined businesses are led by David Fields, who previously served as senior vice president and general manager at Leonardo DRS. He succeeds retired Air Force Brig. Gen. Pete Hoene, who retired after 11 years at SES GS.
The combination of the businesses will “create a scaled solutions provider serving the multi-orbit satellite communications needs of the U.S. government” and support missions on land, sea or in the air, the company said in a news release. Its workforce will be able to integrate and manage multi-orbit geostationary and medium earth orbit (MEO) services as well as multi-operator network solutions, including SES’s soon-to-be launched O3b mPOWER system. The company said it expects to save $25 million annually on redundancies created by the merger. Government will become SES’s largest data business segment in terms of revenue.
Under Hoene, SES GS grew by 30% in the last five years, Billy Bingham, a retired Air Force brigadier general who chairs SES GS’s proxy board, said in a statement.
“I am extremely excited about the potential that this combination unleashes, reinforcing our commitment to provide best-in-class satellite network solutions to the U.S. Department of Defense customers,” Bingham said. “We are delighted to welcome Fields, who comes to SES GS with extensive knowledge and expertise in the satellite communications industry and a demonstrated record of achievement in the U.S. Government sector. Well-respected by industry partners and customers, he has developed deep and trusted relationships with many U.S. Government agencies, and we anticipate David to build on his success through his leadership of the combined business.”
Fields now takes on the role of president and CEO of SES GS.
“I am excited to join SES GS and honored to lead the combined team where we will be delivering best-in-class solutions and state-of-the-art multi-orbit satellite networking capabilities,” Fields said in a statement. “SES GS will be significantly expanding its differentiated value proposition for the U.S. government, with a trusted multi-operator network integration and service management solutions. The breadth of our capabilities, now spanning both connectivity and integration, allows for building, managing and supporting the most advanced satellite networks solutions for our U.S. government customers.”
Axios Media Inc., the Arlington-based digital media company and news outlet, announced Monday it will be sold to investor Cox Enterprises Inc. for $525 million in a deal reached Sunday. The company is expected to reach $100 million in revenue this year, it says.
According to Axios, its three co-founders — CEO Jim VandeHei, President Roy Schwartz and journalist Mike Allen — will retain three seats on the media arm’s board, along with Cox Chairman and CEO Alex Taylor, and Cox will control that board.
Meanwhile, Axios HQ, the company’s software division, will be spun off into a separate company led by Schwartz. Axios HQ has some seed capital, Axios says, and it plans to raise money next year to grow independently. This year, the division is expected to bring in $6 million, and it has more than 300 clients.
According to Cox, VandeHei will be Axios HQ’s board chairman, and Schwartz will be its CEO. Cox will be the sole minority investor in the spinoff.
“We have found our kindred spirit for creating a great, trusted, consequential media company that can outlast us all,” VandeHei said in a statement. “Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible.”
Axios was formed in 2017 after VandeHei and Allen co-founded Politico a decade earlier. Known for its bullet-point news style, email newsletters and brevity, Axios has increased its reach from the Washington, D.C., area to other U.S. locations. Axios Local is in 24 cities — including Washington and Richmond — and runs local newsletters; according to the announcement Monday, Axios plans to expand its coverage to 30 cities by the end of this year and, ultimately, hundreds of cities.
Cox, based in Atlanta, has a strong presence in Virginia and in 2019 sold local TV and radio stations to a private equity firm Apollo Global Management, although it retained the Atlanta-Journal Constitution.
This is the third time Axios has come close to being sold; in 2021, a deal with German publisher Axel Springer fell through, and The Athletic and Axios were in talks to merge via a special purpose acquisition company. Cox stepped in as an investor in fall 2021.
According to Axios, the deal with Cox is expected to close within a few weeks.
“With so much happening in the world, Axios plays a critical role in delivering balanced, trusted news that people need,” Taylor said. “Our company started in the media business, and we have always had a passion for journalism. Bringing a forward-thinking organization like Axios into Cox Enterprises is exciting for us on many levels, and we look forward to helping them continue to scale and grow.”
In Virginia Beach, most tourists flock to the Oceanfront. But just a couple blocks west, you’ll find an area that feels a little more artsy and a lot more local.
In the 15-block ViBe Creative District, situated between the Virginia Beach Convention Center and the Oceanfront, coffee shops and restaurants operate out of former industrial spaces, alongside fences and crosswalks decorated with colorful murals.
Local business owners started discussing the need for creating a unified district around 2011. Over the next few years, the effort grew. By 2015, Virginia Beach City Council passed an ordinance establishing the ViBe as the city’s official creative district. What was once an underdeveloped and rundown industrial area — a place that was “not for people,” as one longtime resident puts it — has blossomed into a cultural mecca with trendy shops and weekend farmers markets.
Kate Pittman, executive director of the nonprofit ViBe Creative District organization, which supports and promotes the district, says the district’s founders deliberately planned for it to become the “No. 3 destination” in Virginia Beach, behind the Oceanfront and the upscale Town Center, a mixed-use district with a blend of retail, restaurants, hotels and office towers.
“The ViBe district is something that has very much that local flavor and really is the kind of locals’ opportunity to win and live the life of their dreams in their own hometown,” she says. “So, for us, we think it’s a beautiful asset [for] tourism because while [tourists are] here in Virginia Beach exploring the Oceanfront, they can come inland just a few blocks and get to meet and see local business leaders and local artists engaging in beautifying Virginia Beach and making it just something new and different and really enriching.”
The ViBe district’s creation was no coincidence. It’s a primary example of placemaking — a term developers use to describe the purposeful development of people-centric public spaces and districts. Placemaking is defined by vibrant, transit-oriented walkable neighborhoods and a mix of retail, offices, residential and even hotels.
From farm to metropolis
Placemaking is more than just physical buildings or a design philosophy, says Juanita Hardy, managing principal of Silver Spring, Maryland-based Tiger Management Consulting Group LLC and a former senior visiting fellow for creative placemaking at the Urban Land Institute. It’s about what goes on around a development, including parks, public art and events programming — everything that attracts people to spend time in an area.
While there are multiple ways of interpreting it, placemaking in Virginia dates back at least 60 years, when developers had a vision for the transformation of Tysons Corner. What had once been a rural crossroads marked by farms and a mom-and-pop gas station has grown into a thriving edge city lauded by planners and developers as one of the nation’s premier examples of placemaking.
Now known as simply Tysons, it evolved from office parks and a sprawling shopping mall into a budding metropolis that is now home to corporate headquarters for Fortune 500 companies such as Freddie Mac, Capital One Financial Corp., Hilton Worldwide Holdings Inc. and Booz Allen Hamilton Inc.
Tysons “represented something new and profoundly different for Fairfax and all of the suburbs,” says Terry Clower, a professor of public policy at George Mason University and director of Mason’s Center for Regional Analysis.
Featured in the 1991 book “Edge City: Life on the New Frontier,” by Joel Garreau, Tysons forged the way for the success of other planned communities and developments.
“I don’t think Reston could have happened without the success of Tysons,” Clower says, referring to the similarly successful Fairfax County community that also began as a planned development in the 1960s and has now grown into a nearly 16-square-mile district featuring suburban neighborhoods, corporate office towers and the mixed-use Reston Town Center.
While placemaking is hardly a new trend, the idea of placemaking as an economic development panacea and redevelopment tool has gained popularity, with local governments even creating positions to support it.
“In conversation after conversation with business executives, we hear that a sense of place is paramount,” says Anthony Romanello, executive director of the Henrico County Economic Development Authority, which appointed a dedicated placemaking manager this year. “Creating workplaces that are attractive, fun, walkable and engaging is as essential to economic development as low taxes, good roads, quality schools and a pro-business climate.”
Virginia offers a variety of examples of placemaking in different stages of development, ranging from billion-dollar projects in the planning stages to mature communities like Tysons.
Changing identities
In Arlington County, a new neighborhood, National Landing, is rising around Amazon.com Inc.’s $2.5 billion-plus HQ2 East Coast headquarters.
Bethesda, Maryland-based JBG Smith Properties, the real estate company developing HQ2 and the surrounding area, is aiming to create a “vibrant, transit-oriented, walkable” neighborhood there, “with ground-floor retail and a mix of uses,” says company Vice President Jack Kelly.
National Landing encompasses three older neighborhoods: Potomac Yard (straddling the Alexandria-Arlington line), Crystal City and Pentagon City (both in Arlington). In decades past, these were largely business districts that emptied out at the end of the day, encouraging car-centric commuting back and forth from the suburbs. But local economic developers and JBG Smith are hoping to unite them under the National Landing moniker as one downtown district — a place where people can live, work and play.
The late 2018 announcement that HQ2 was coming to Arlington presented the opportunity for a “big shift in our planning and development … to move toward good urbanism,” says Tracy Gabriel, president and executive director of the National Landing Business Improvement District (formerly known as the Crystal City Business Improvement District).
Amazon HQ2 will have about 4.9 million square feet of office space, divided across two phases: Metropolitan Park, the first phase, is set to open in 2023, with two 22-floor office towers, a 2-acre public park and 65,000 square feet of ground floor retail. The second phase, PenPlace, slated to open in 2025, includes plans for three additional 22-story towers. It’s also expected to feature HQ2’s centerpiece, the distinctive, 354-foot-high spiral-shaped Helix building.
But more than that is planned for National Landing.
“Everything we do is rooted in that idea that we’ve got a big opportunity to really change the identity of a place that’s been around a long time,” Kelly says.
That means creating public spaces where people can gather, as well as adding design elements to create a sense of continuity in the neighborhood. “It’s really all about that civic space,” he says, “identifying those areas that are meaningful to the community … and then creating a landscape and streetscape that is attractive and unifying … across large areas.”
While National Landing is already well underway to fulfilling its vision of becoming a new community, other placemaking projects in Virginia are in earlier stages.
In Henrico County, developers are preparing to redevelop the former Best Products Co. corporate headquarters campus, which closed in 1997, into GreenCity, a $2.3 billion, 200-acre mixed-use “ecodistrict” that will include an up-to-17,000-seat multipurpose arena; two or three hotels; about 2,200 housing units; and 2.2 million square feet of office space.
Developers Susan Eastridge and Michael Hallmark brought the privately funded GreenCity project to Henrico after a similar, publicly funded project they pitched to Richmond, the $1.5 billion Navy Hill development, failed to receive support from Richmond City Council.
Henrico’s government has embraced GreenCity, which was announced in December 2020 and approved for rezoning by the Henrico County Board of Supervisors less than 10 months later. GreenCity’s full buildout will take 10 to 12 years, says Eastridge, CEO of Fairfax-based Concord Eastridge Inc. Construction is expected to begin by late 2023 or early 2024.
One of the core components of the project is the arena, which developers hope will attract major sporting and entertainment events. Hallmark, founder of Los Angeles-based Future Cities LLC, has a background in designing arenas. The co-founder of a handful of sports arena architecture firms, he helped lead the design of projects such as Los Angeles’ Crypto.com Arena. He hopes that GreenCity’s status as an ecodistrict — a development focused on environmental sustainability — will draw interest from large music acts that have pledged to make their tours ecologically friendly.
He and Eastridge also anticipate that GreenCity will be a magnet for businesses and residents who care about saving the planet. GreenCity’s sustainability features include devoting more than 20 acres of rooftops for a solar energy farm and harvesting and reusing rainwater.
Places in the pipeline
Around the commonwealth, placemaking can also be seen in the planning and creation of new buzzworthy downtown districts. Examples range from Norfolk’s Military Circle Mall redevelopment and Richmond’s Diamond District to Chesapeake’s Summit Pointe.
Norfolk is in early negotiations with developers, including music icon and Virginia Beach native Pharrell Williams, to redevelop the old Military Circle Mall property into Wellness Circle, a proposed $1.1 billion mixed-use community with 1 million square feet of office space, a 200-room hotel, 1,100 new housing units and a 15,000-seat arena. The project’s other developers include Virginia Beach-based Venture Realty Group and California arena management company Oak View Group. (Two other development teams, including groups connected with Virginia Beach hotelier Bruce Thompson and Pro Football Hall of Famer Emmitt Smith, submitted competing proposals for the project.)
In nearby Chesapeake, Fortune 500 discount retailer Dollar Tree Inc. is developing a downtown district around its 12-story corporate headquarters built in 2018. The $300 million Summit Pointe development is expected to have 1 million square feet of office space, 500,000 square feet of retail and 1,400 residences when all 70 acres are fully built out.
In 2018, Chesapeake Mayor Rick West described Summit Pointe as “the beginning of a new downtown Chesapeake.”
That’s how Chris Williams, a senior vice president with Dollar Tree and its Summit Pointe Realty subsidiary, sees it, too.
“There really isn’t a place [like this] in Chesapeake, so I think between the restaurant and the residential spaces we are building, it gives the community a place to come and enjoy,” says Williams, who now sees people in Summit Pointe gathering at Wasserhund Brewing Co. in the evenings or jogging around the streets. “It really becomes a community.”
Another district primed for placemaking is the area around the Diamond, the aging stadium that’s home to Richmond’s Minor League Baseball team, the Flying Squirrels. The city wants to build a new baseball stadium as the centerpiece of a new, pedestrian-friendly residential, business and entertainment district. It’s planned for a 67-acre site that currently includes the stadium and underdeveloped properties alongside Interstates 64 and 95, not far from the popular Scott’s Addition neighborhood. Three teams have submitted competing redevelopment proposals. The city’s evaluation panel was expected to recommend a developer in late July to Richmond City Council, which would have to approve the development agreement.
Good ViBes
While National Landing, GreenCity and other places are in earlier stages of development, Virginia Beach’s ViBe Creative District, which has been around for about seven years, is blossoming.
After the city redeveloped the convention center in 2005, there wasn’t anything nearby to attract convention-goers — just lots of vacant storefronts and industrial properties. “There was a real need to … breathe new life into this area,” says Pittman with the ViBe’s nonprofit booster organization.
In response to that problem, local business owners Laura Wood, whose family owns Croc’s 19th Street Bistro, and Andrew Fine, co-chairman of The Runnymede Corp., came up with the idea for the ViBe, rallying businesses and property owners to develop the community.
Together, Wood and Fine co-founded the ViBe. Working with the city and the Hampton Roads Community Foundation, they were able to launch the nonprofit group and hire Pittman in 2016. The nonprofit, which has raised more than $1 million since its founding, has evolved into an entity that is able to collaborate with the city’s economic development office to create a matching grant program for the district’s small businesses.
Today, the ViBe has a coworking space, restaurants and artsy shops, and hosts bustling flea markets and farmers markets during weekends.
The ViBe’s nonprofit developed a cohesive identity for the ViBe by engaging local artists to produce an array of colorful neighborhood identifiers such as fence murals and brightly painted street meters, signaling the district’s emphasis on creativity.
“Creative placemaking through art supports a triple bottom line for sustainable communities and creative energy enhanced by creative arts,” says Wood, and that translates into economic benefits, health and environmental benefits, and social cohesion.
“We believed these creative and public art spaces must be discovered, seen, felt, heard, tasted, smelled and touched,” Wood says. “It could be explored on fence walls, streets, sidewalks, parking lots, open spaces and gardens, alleyways and buildings. I saw a blank canvas for ViBe and the 19th Street corridor via the Old Beach Farmers Market to create a heartbeat in our neglected neighborhood that could be filled with authentic local food, farmers, spaces with paint, native gardens and an environmentally friendly, artful soul and emotion to entice, with creative opportunities to be discovered.”
Another integral figure in the ViBe’s development is L.G. Shaw, president of Wave Riding Vehicles, a Virginia Beach-based retailer and manufacturer of surfboards and sporting apparel and goods.
Growing a community is not a new concept to Shaw. “Being surfers first, we’ve always had to build our own sort of clubhouse and community here in Virginia Beach,” he says. “Surf shops have always been a placemaking headquarters on accident — that’s where [surfers] went back in the day.”
WRV had unused warehouse spaces around the district, so Shaw decided to lease the spaces to “cool little artistic” businesses like North End Bag Co., where shoppers can buy handbags made by hand right on premises. Nearby, Igor’s Custom Signs & Stripes makes hand-painted signs, banners and murals, and Jars of Dust makes and sells handcrafted ceramics carried by national retailer Anthropologie.
More than 50 businesses have opened or expanded operations in the ViBe since 2015, and real estate values within the district rose by more than $45 million collectively between 2015 and 2021.
It shouldn’t come as a surprise, then, that other developers are hoping to capture some of the ViBe’s vibe.
“I think the ViBe district has organically and authentically evolved into a vision of what Virginia Beach could be,” says Donna MacMillan-Whitaker, managing partner of Venture Realty Group, which is co-developing the nearby
$350 million Atlantic Park with Pharrell Williams. “We want to expand on and help anchor that.”
In its first phase, set to break ground in October, the Atlantic Park project, which will be about three blocks from the ViBe, calls for a 2-acre, manmade wave lagoon, 120,000 square feet of retail, 310,000 square feet of residential living space, 15,000 square feet of office space and a 3,500-seat entertainment venue.
The ViBe was “a true grassroots effort by a passionate and dedicated community group,” MacMillan-Whitaker says. “Look around the country at other successful cities — which cities are expanding, retaining their talented youth, growing their population, their tourism, and even their wages? Art and culture and placemaking are what people want to be a part of.”
FNB Corp., parent company of First National Bank, announced Wednesday it will expand its presence in Virginia, particularly in the Northern Virginia area.
According to a news release, FNB expects to add four branches in Reston and Arlington by 2024, in addition to seven currently operating in the greater Washington, D.C., area. Also, FNB plans to expand its commercial banking operations with a new loan origination center in Richmond, as well as hiring more bankers to expand its lending services in Richmond, Charlottesville, Norfolk, Virginia Beach and Newport News. The bank has a long history in Richmond; a former First National Bank skyscraper in downtown Richmond, built in 1912, was converted into luxury apartments in 2013 and is known as First National Apartments.
John Wesley “Wes” York has been hired as senior vice president of commercial banking to lead growth in Richmond, FNB also announced. He previously was a senior vice president and commercial banking team leader at SouthState Bank, and is a graduate of Randolph-Macon College and the Kogod School of Business, with an MBA and a bachelor’s degree in business and economics.
Headquartered in Pittsburgh, FNB operates in seven states and Washington, D.C., and it has total assets of $42 billion and more than 340 branches across Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia.
Arlington-based PAE Aviation and Technical Services LLC has received a $136.5 million contract to provide aerial target operations and maintenance for the Air Force, the Pentagon announced Thursday.
Under the contract, PAE will conduct lethality testing of major weapons systems and munitions programs at Tyndall Air Force Base in Florida and Holloman Air Force Base in New Mexico, with work expected to be completed by Sept. 30, 2029. The award is a firm-fixed-price, performance incentive and award-fee contract with cost-reimbursable line items.
PAE Aviation and Technical Services is a division of Falls Church-based government contractor PAE Inc. The company was acquired by Germantown, Maryland-based aerospace defense contractor Amentum Services Inc. in a $1.9 billion deal earlier this year.
Cortland, an Atlanta-based multifamily real estate investment, development and management company, has completed its initial round of apartment acquisitions in Arlington with the purchase of Evo Rosslyn, a 27-story apartment building.
The purchase is part of a $1 billion investment in multiple Arlington apartment communities, first announced in May. Evo Rossyln will be renamed Cortland Rosslyn and will merge with its neighboring high-rise community, formerly the Aubrey apartment building.
“The closing of Evo is the culmination of our investment round that was started in May with the purchase of Cortland Rosslyn, formerly known as the Aubrey. We are creating a seamless, resident-centric and hospitality driven experience with the combination of these two trophy towers,” Cortland Chief Investment Officer Mike Altman said in a statement.
The building added 455 units to Cortland Rosslyn, ranging from studios to three-bedroom apartments, as well as more than 300,000 square feet of amenity space, including coworking lounges, a spa, rock climbing wall and fitness center. The tower is LEED Gold certified and was developed by Penzance in partnership with the Baupost Group LLC.
Cortland also announced $60 million in upgrades to two other properties it bought recently: Cortland Pentagon City and Arlington Apartments, located across from Amazon.com Inc.’s HQ2 East Coast headquarters.
“We are excited to sustainably upgrade our buildings to integrate into the built environment. At Cortland Pentagon City, we plan to fully upgrade the apartment interiors and corridors and change the feel of the heavy exterior and ground level of the buildings to match the street energy and open, modern design around HQ2,” Dan Irvin, director of investments at Cortland, said. “With Arlington Apartments, the scope of work will be much greater. This is a total reposition of that community and will offer residents modern finishes, first-class amenities and an unrivaled apartment-living experience focused on hospitality.”
Cortland owns and manages more than 250 apartment communities, with about 85,000 units across the country. The company has regional offices in Texas, North Carolina, Florida and Colorado.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.