Ferguson's moved into its current headquarters, next door to the new site, seven years ago and expected it to accommodate expansion for the next decade, at least. But growth was more rapid than anticipated and the company decided to build a new home, of which it will occupy only half. The remaining 75,000 sf of the Class A building will be leased to other companies at approximately $18 per-sf through Advantis Real Estate Services Co.
The expansion is expected to create 400 new jobs in the area. "An expanded corporate office is great news for Newport News and Virginia Peninsula," Virginia Economic Development Partnership's Jill Lawrence tells GlobeSt.com. "Since they're an existing business here, it's a testament to our business climate." Newport News is donating $750,000 in incentives and infrastructure improvements, and the state is also granting Ferguson $750,000 from the Governor's Opportunity Fund.
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