This will be the third building in the university office market. University Corporate Center I has 125,000 sf and University Corporate Center II has 104,000 sf. "We are confident with the current market strength that this new addition will be a great success," says Opus South Corp. director of real estate Bill West.

GVA Advantis executive director Greg Morrison and director of office services Emily Zinaich will be leasing the building. Morrison tells GlobeSt.com that Opus South is moving forward with the project based on the success of the first two buildings and the strength of the office market. Space in the submarket rents for $20 to $23 per sf. "There are no other multi-story suburban office buildings under construction in this area," he says. "We feel like we're in a unique position."

Leasing efforts for the project have started, but no deals have been signed yet. Due to its central location and proximity to university and defense facilities, the University Corporate Center properties attract a wide variety of tenants. For example, the main tenant in University Corporate Center II is the Bank of New York. "It's a very accessible area so you have a lot of tenants who want to be here," Morrison says.

The project represents a shift in development activity for Opus South, which had been concentrating on multifamily projects. "We have been very fortunate and enjoyed great success over the past few years in the multifamily market," says Opus South senior vice president of real estate Jerry Shaw. "Now the office market continues to strengthen and we believe it is a good time to get back into what has been one of our company's core business strengths."