VIRGINIA BEACH, VA-Divaris Real Estate has announced the signing of three office leases in three local submarkets. These deals follow a coup for the company, which announced earlier this month that it was selected by Virginia to provide transactional advisory assistance with its 130 million-square-foot portfolio of leased and owned properties.
The local deals just announced amounted to 18,758 square feet.
Faneuil signed a lease for 9,758 square feet of office space at 130 Research Dr., in Hampton. The lease negotiations were handled on behalf of the landlord, Hampton R&D Properties, L.L.C., by Chris Bendit.
Fairway Independent Mortgage Company signed a lease for 5,000 square feet at 562 Lynnhaven Pkwy, in Virginia Beach. Lease negotiations were handled on behalf of the landlord, Lynnhaven Commons, LLC, by Melinda Pezzella and Joseph Lowery. The tenant was represented by Krista Costa, also of the Virginia Beach office of DRE.
The Infant & Toddler Connection of Norfolk signed a lease for 4,000 square feet at 5665 Lowery Rd., in Norfolk. The lease was handled on behalf of the landlord, Lowery Road, LLC, by Vivian Turok of the Virginia Beach office.
The bigger news for the month, though, was its award of Virginia's real estate portfolio.
The Virginia Beach-based firm will assist the Department of General Services and its Division of Real Estate Services with transaction management, project management, brokerage, leasing and strategic planning.
Divaris will assist state agencies in finding space in buildings not owned by the state, with its fees paid for by the landlords that own the buildings.
The Commonwealth's portfolio consists of about 400,000 acres of land in more than 1,200 locations, 11,000 buildings and 117 million square feet of space. Additionally, Virginia leases about 10 million square feet of rental space in 1,400 building locations.
Sanford M. Cohen, chief operating officer of Divaris, noted that the company currently works with a half dozen political subdivisions across the Commonwealth. "It is a major focus of ours and we have a demonstrated track record of success in partnering with them," he said in a prepared release.
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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.
