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Tag: office building

CoStar Group breaks ground on $460M Richmond expansion

Washington, D.C.-based CoStar Group Inc., a commercial real estate data and analytics provider, broke ground on its $460 million downtown Richmond expansion Tuesday.

Announced in December 2021, the campus will include a LEED platinum certified 21-story, 425-foot tower, 750,000 square feet of office and retail space and another five-story building with an auditorium, mixed-use retail, restaurants and other amenities. The project is expected to be complete in early 2026. Once that happens, CoStar will have 1 million square feet of office space in downtown Richmond, including its current nine-story, 250,000-square-foot building at 501 S. 5th St.

Not included in that square footage is a 117,448-square-foot building across the James River that CoStar is renovating. CoStar in May paid $20 million for the former SunTrust office at 901 Semmes Ave. Once that work is complete, the building will house up to 400 employees and will be “visually connected” to CoStar’s downtown campus.

CoStar’s expansion is expected to create 2,000 jobs. The company currently has about 1,500 employees in its Richmond office, said CoStar founder and CEO Andrew Florance, and all 5,300 of CoStar’s current employees work in its offices.

“Breaking ground today is sort of special because it is a commitment to building back together, working together in person [in] this amazing facility. … We are more productive as we come back together,” Florance said.

Florance also hinted at further Richmond expansion. As CoStar acquires companies, it will continue to attempt consolidating its operations and research in the city to benefit from more investments in training and collaboration, he said.

“I do have a map of the city on the wall,” he added, “and I’m looking at things that are parking lots that could be something else.”

Although supply chain issues for raw construction materials concern him, Florance said he thinks they will be less of a problem in the next two to three years, and CoStar has been preparing. “We’ve been getting in line for key material, like the skin of the building is a major element — we’re in line with that,” he said.

CoStar Group owns Homes.com, Apartments.com and STR Inc., which provides market data on the U.S. hospitality industry. The company has 80 offices in 15 countries. CoStar Group had a market capitalization of more than $30 billion on Tuesday.

Editor’s note: This story has been amended to correct the proper height and number of stories of the planned CoStar tower.

Va. Beach office building sells for $12.15M

Windwood Centre, a four-story Class A office building in the Lynnhaven area of Virginia Beach, has been sold for $12.15 million, Divaris Real Estate Inc. announced Wednesday.

CCP Commercial Real Estate sold the 78,619-square-foot building, located at 780 Lynnhaven Parkway, to Charlottesville-based Seminole Trail Management. Tenants include Regus and Moseley Architects.

It’s not the first acquisition in Hampton Roads for Seminole Trail Management. In April, the company bought Poplar Hill Medical Center in Chesapeake for $5.7 million.

Divaris will handle leasing and management of Windwood Centre.

Jason Oliver and Michael Divaris, of the Divaris Investment Sales Group, represented CCP in the transaction.

Richmond office building sells for $4.9M

A 13,288-square-foot office building in Richmond sold for $4.9 million, One South Commercial announced Thursday.

Located at 4015 Fitzhugh Ave., the two-story building was built in 1954. The architecture firm 3North leases the building, which used to serve as the Boy Scouts of America headquarters.

VA Wood Properties LLC bought the property from 1501WW LLC. Tom Rosman and Ken Campbell from One South Commercial represented the seller.

Wise County IDA buys vacant office building for $1.2M

The Wise County Industrial Development Authority purchased a vacant office building in the Lonesome Pine Regional Business and Technology Park with a $1.2 million loan from the Virginia Coalfield Economic Development Authority, officials announced Wednesday.

The 10,000-square-foot building sits on approximately 4.63 acres at 5957 Windswept Blvd. and came furnished. The building is adjacent to the Carbon Research and Development Co.’s Graphene Research Center and a Tier III data center.

The IDA originally sold the property to Southern Coal Corp., which built the office building. Davis Mining & Manufacturing Inc. most recently owned and occupied the building. The company vacated it in late fall 2021, and Wise County IDA applied for a VCEDA loan in January. The VCEDA board approved the loan in its February meeting.

“Wise County does not now have any available space for business recruitment efforts, and acquisition of this building and grounds will enhance the efforts of the IDA to offer commercial office space which would meet the concept standards of the Master Plan for the Lonesome Pine Regional Business and Technology Park,” Wise County IDA Executive Director Brian Falin said in a statement.

A technology business is interested in leasing at least part of the building, VCEDA Executive Director and General Counsel Jonathan Belcher said, but the plan is for the building to be available on a multi-tenant basis.

“The way the building is laid out, it really is conducive to being an incubator-type arrangement,” he said. “It’s a very marketable building that I think would appeal to any type of company that needed Class A-type office space.”

The building has 19 individual offices, a fire-resistant vault, four restrooms, a kitchen/break room, two conference rooms and a reception area at the entrance. Near the center of the building, an open, 600-square-foot area could suit varying needs.

A roughly 800-square-foot metal storage building is near the rear of the building. The building’s parking lot accommodates 30 vehicles.

CoStar Group buys former SunTrust building in Richmond

CoStar Group Inc. has expanded its Richmond footprint with the $20 million purchase of the former SunTrust office building on the James River.

The five-story, 117,448-square-foot building at 901 Semmes Ave. will be occupied by at least 400 employees, however the company has not determined which teams will occupy the space yet, a CoStar Group spokesperson said.

CoStar Group is building a $460 million Riverfront campus in Richmond that will create 2,000 jobs and construction is projected to start late in the second quarter. The former SunTrust building will be “visually connected across the James River” to CoStar Group’s existing research, sales and technology center and the new 750,000-square-foot campus, the company said.

“CoStar Group is experiencing significant growth and this building will support our talented and expanding team of professionals who provide value to our customers every day,” CoStar founder and CEO Andrew Florance said in a statement. “This purchase further signifies our long-term commitment to growing in Richmond — a city and region with deep pools of talent and a community that encourages innovation. We are very excited about our continued expansion in Richmond, creating rewarding new jobs and deepening our community engagement and involvement.”

CoStar currently has about 1,200 employees in Richmond.

Va. construction contractor upsizes Roanoke office

Chesterfield County-based commercial and industrial contractor Atlantic Constructors Inc.’s Roanoke team moved this month into a renovated building double the size of its previous office and shop/warehouse space.

The building at 1302 Rockland Ave. NW is 32,000 square feet. Property records show that ACI Suffolk LLC purchased the building for $1.95 million on Sept. 14, 2021. ACI also purchased 18 acres surrounding it to allow for future expansion.

“In 2013, we opened our Roanoke division, and in the years since, we have grown substantially and successfully executed on many projects throughout the surrounding area,” ACI President Terrence Kerner said in a statement. “With smart and strategic growth, and a strong pipeline of regional projects on the horizon, we felt it was time to invest in a larger and more functional space for the good of our ACI team and for the customers we serve.”

ACI’s Roanoke location now has 100 employees, up from three in 2013. The Roanoke team includes project managers, office personnel and tradespeople.

Along with its Roanoke and Chesterfield County locations, ACI has offices in Newport News, Sterling and Suffolk, and it has more than 1,000 employees. The company won the $20 million contract for mechanical and plumbing work on Radford University’s new Center for Adaptive Innovation and Creativity, as well as the $4.3 million plumbing, mechanical and electrical contract for Virginia Tech’s Hitt Hall.

JLL announces NoVa office move

JLL is moving its Northern Virginia office from Vienna to 1800 Tysons Blvd. in McLean, the commercial real estate company announced Monday.

JLL will occupy nearly 24,000 square feet of the building, owned by Lerner Enterprises, with the move set during the first quarter of the year. Form Architects designed the office, which meets LEED and WELL requirements.

1800 Tysons Blvd. is a 12-story, 320,000-square-foot office tower a block from the Tysons Corner Metro station.

“The office is central to our work experience and culture, and we are excited to introduce a new, innovative, tech-forward space for our employees to collaborate, learn and most importantly, service our clients,” Chris Molivadas, mid-Atlantic market director for JLL, said in a statement. “In planning the new space, we infused ideas of home, warmth and fun, with the work needs requiring connectivity, efficiency and production to address the needs of our people to reconvene in the office.”

 

Innsbrook office buildings sold for $20.8M

Virginia Beach-based The Runnymede Corp. has purchased the Waterfront Plaza office portfolio at Innsbrook Corporate Park in Henrico County for $20.8 million from Raleigh, North Carolina-based Highwoods Properties, Cushman & Wakefield | Thalhimer announced Wednesday.

The Hamilton Beach building

The portfolio consists of two buildings: the 58,366-square-foot Hamilton Beach building, fully leased to Hamilton Beach Brands Inc.; and the 39,123-square-foot Waterfront Plaza, which is occupied by four tenants. The buildings are located at 4401 and 4421 Waterfront Drive in Henrico.

Built in 1986, the Hamilton Beach building is the headquarters for the international company, which markets, designs and distributes small home kitchen appliances as well as commercial restaurant equipment.

Eric Robison and Bo McKown of Thalhimer’s Capital Markets Group represented the seller.

Va. Beach office building sells for $4.25M

A Virginia Beach office building has sold for $4.25 million to Sharanya Ventures LLC, Cushman & Wakefield | Thalhimer announced Monday.

Located at 3704 Pacific Ave., at the Oceanfront, the 11,967-square-foot building, which is 100% leased, was sold by York Street Suites Inc. The three-story building was built in 2003 and sits on about half an acre of land.

The building is occupied by long-term tenants including attorneys Bischoff & Martingayle PC and investment firm Edward Jones.

Rob Wright of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller. Jason Oliver,  and Rachel Salasky of Divaris Real Estate’s Investment Sales Group, represented the buyer.

47 mixed-use parcels in Richmond sell for almost $22M

Seven bundles of properties totaling 47 parcels in Richmond sold for almost $22 million, Commonwealth Commercial Partners LLP announced last week.

The mixed-use properties are located in Richmond’s Fan District and consist of retail, office and restaurant space, as well as about 24 apartments and 267 parking spaces.

Richmond-based Eck Enterprises LLC sold the properties to Charlotte, North Carolina-based Carolina Capital Real Estate Partners. Kit Tyler, senior vice president at CCP, and Tucker “Nash” Warren, senior associate at CCP, represented the seller in the three-contract sale that closed Dec. 15.

The sale includes the following bundles:

  • 1118 W. Main St. — 0.367 acres, 7,367-square-foot office building leased to The Virginia Sexual & Domestic Violence Action Alliance
  • 1201 W. Main St. bundle — 0.862 acres, 20,052 square feet, 19 retail and office spaces including Kokonut Grill, Uptown Color, Greenbriar Cafe and Coffeehouse and Fan Guitar and Ukulele
  • 1301 W. Main St. bundle — 0.532 acres, 12,649 square feet, four apartments and seven retail/commercial spaces to include Laser Sport & Spine Rehab, Experimax, Uptown Gallery and City Dogs
  • 1306 W. Main St. bundle — 0.544 acres, 19,302 square feet, eight office/commercial spaces including VCU Rehabilitation, Research and Training Center and Knopp Nutrition LLC
  • 1401 W. Main St. bundle — 0.858 acres, 36,267 square feet, 13 apartments, five commercial spaces to include Gold’s Gym, Turning Basin Capital Partners and State Farm Insurance
  • 1419-1435 W. Main St. bundle — 0.712 acres, 20,011 square feet, six commercial spaces including Hair The Salon, Tom McGrath’s Motorcycle Law Group, Viridiant, 20/20 Real Estate and InterActive Financial Marketing Group LLC
  • 1420-1430 W. Cary St. bundle — 0.749 acres, 16,920 square feet, 11 townhomes
  • 1508-1516 W. Main St. bundle — 0.304 acres, 6,896 square feet, four office/commercial spaces including Reynolds Gallery

The properties are part of Eck Enterprises’ uptown portfolio, which consists of more than 100 properties within a 10-block area along West Main and West Cary streets. CCP manages the listing for all properties in the portfolio.