Construction of the five-story building is expected to be completed by spring 2003.
Company officials didn't disclose the hard construction cost of the project. But area construction industry estimators tell GlobeSt.com the building will come in at about $150 per sf or a total $22 million.
The wholesale distributor of plumbing supplies pipes, waterworks and heating and air conditioning products owns the 13-acre site adjacent to its existing corporate headquarters.
Initially, Ferguson will occupy 75,000 sf of the new structure, allowing for future expansion from its headquarters operation.
Advantis Real Estate Services Co. is the exclusivelisting agent to lease the remaining 75,000 sf. in the new building. "The building is being constructed with state-of-the-art features and amenities such as sophisticated security and high speed communications," Clark Baldwin, senior director of Advantis' Newport News office, tells GlobeSt.com.
He says the property's prime location should attract government contractors, high tech, engineering and architectural firms, and companies need to be near the airport, interstate, restaurants, retail and golf courses.
Ferguson's annual sales average $5 billion. The firm has 13,000 associates in 700 service centers in 47 states, the District of Columbia, Puerto Rico, and Mexico.
Ferguson is owned by Wolseley, plc, a British trade distributor of plumbing and heating products with 2,750 outlets in Europe and North America.
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