VIRGINIA BEACH, VA—Locally-based development firm Armada Hoffler Properties reported in its latest financial report that its mixed-use 4525 Main St. office-retail building currently under construction here has half of its office space pre-leased.

The $50-million project is being built in Virginia Beach Town Center and is expected to be open in June. Approximately 50% of the 230,000 square feet of office space at the building is leased.

The anchor office tenant is Clark Nexsen, which plans to move into its new headquarters in approximately 80,000 square feet on three-and-a-half floors. The Virginia Beach Department of Economic Development is taking over the seventh-floor above the parking garage, according to Tidwaterbiz.

The $95-millio phase currently in development includes a 950-space, six-level parking garage, 286 apartments in Encore 4505 at Town Center and 26,000 square feet of ground-floor retail space.

Earlier this month, Armada Hoffler Properties reported it will develop two new administrative buildings for the Commonwealth of Virginia—one in Chesapeake and one in Virginia Beach—for a total of 47,000 square feet.

The properties are 100% pre-leased to the Commonwealth of Virginia, which signed 12-year leases for both locations. Armada Hoffler expects both projects to be completed by early 2015. See story at Tidewaterbiz.