Citicorp is occupying office space in the two-story building,Timothy Zulick, senior vice president with First Potomac, tellsGlobeSt.com, adding that the deal was quickly put together toaccommodate Citicorp's schedule. "They wanted to close to dealquickly and we were able to put it to bed within 30 days," hesays.
[IMGCAP(2)]Citicorp will occupy part of the second floor in thethird quarter of 2008 with a lease term of 10 years. A 127,625-sfproperty, Norfolk Commerce Center II consists of two buildings thatwere built in 1990. It sits on 8.9 acres and includes four loaddocks. The asking rate for the space, before it became fullyoccupied, was $17 per sf.
Velocity has been fairly good in the Norfolk market, Zulickreports. "We have been happy with our acquisitions there and thetenants we have in those buildings." First Potomac also ownsGateway II, a 42,429-sf flex building on 2550 Ellsmere Ave. here,and the Norfolk Business Center, a 90,000-sf flex on 2551 ElthamAve.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
