Developed by Hampton R&D Properties and Mid Eastern Builders Inc., the single story facility is located at 130 Research Dr. inside a park that sits in close proximity to Langley Air Force Base and many NASA contractors. The length and financial terms of the lease are not available but space in other similar buildings on the premises leases for about $11.50-per-sf.
"We knew the location would attract government contractors and small- to mid-size startup companies since the park resides in an Enterprise Zone and Hampton's new Technology Zone," says Clay Culbreth of Advantis/GVA, which orchestrated the deal on behalf of both parties. "We are currently in a soft market. The fact that 80% of the building is leased within 60 days from the initial occupancy permit confirms our projections for the success of this project."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
