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HAMPTON, VA-NASA has committed to leasing 16,000 sf of flex space in a new 50,000-sf building at Langley Research and Development Park. The space research organization will relocate its 60-person Core Financial and Budget Formulation project team to the new offices in October. With NASA’s commitment, and Raytheon Technical Services Co.’s recent taking of 25,000 sf, the structure is now 82% leased.

Developed by Hampton R&D Properties and Mid Eastern Builders Inc., the single story facility is located at 130 Research Dr. inside a park that sits in close proximity to Langley Air Force Base and many NASA contractors. The length and financial terms of the lease are not available but space in other similar buildings on the premises leases for about $11.50-per-sf.

“We knew the location would attract government contractors and small- to mid-size startup companies since the park resides in an Enterprise Zone and Hampton’s new Technology Zone,” says Clay Culbreth of Advantis/GVA, which orchestrated the deal on behalf of both parties. “We are currently in a soft market. The fact that 80% of the building is leased within 60 days from the initial occupancy permit confirms our projections for the success of this project.”

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