The renewal means the property will remain 100% occupied, Tony Beck, regional vice president for Southern Virginia, tells GlobeSt.com. It also plugged a very large potential hole in the company's Southern Virginia portfolio--it was the largest pending expiration for the year, according to Beck. Diamond Hill consists of four industrial buildings totaling 712,500 square feet. It is located just off Interstate 64, six miles from Portsmouth Marine Terminals.
First Potomac inked another renewal in its Chester-based facility recently: contact center company Vangent signed a 123,300-square-foot lease in Rivers Bend Center, after First Potomac agreed to a generous TI allowance and promised to build a parking lot for the tenant. First Potomac is targeting new leases of course, but Beck says that renewals have provided a steady source of activity as well.
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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.
