EastGroup Properties Announces Completion of Continuous Equity Program

JACKSON, MS-– EastGroup Properties (NYSE-EGP)  announced that, in December, it completed the sale of 1.6 million common shares in its continuous equity program generating net proceeds of $57.5 million.

The program, with BNY Mellon Capital Markets, LLC, was announced on May 19, 2009, and, as of September 30, 2009, the Company had issued 882,980 shares at an average price of $34.76 per share.

 During the fourth quarter, the Company issued an additional 717,020 shares at an average price of $38.59 per share. EastGroup had 26.8 million shares outstanding as of December 31, 2009.

David H. Hoster II, (top right photo) President and Chief Executive Officer, said, "We are pleased with the successful results of the continuous equity program. We sold shares at prices exceeding our original expectations and with a fee structure of 1%. This additional capital strengthens an already solid balance sheet and positions EastGroup for growth through attractive acquisitions."

Contacts:

David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555

$156M refinancing arranged by HFF for eight-property, four-state multi-housing portfolio

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has arranged a $156 million refinancing for an eight-property, 2,306-unit multi-housing portfolio in Indiana, Kentucky, Tennessee and Virginia.

HFF director Matthew Schoenfeldt (top right photo) worked on behalf of NTS Realty Holdings Limited Partnership (“NTS”) and its wholly-owned subsidiaries to secure the 10-year, 5.4% fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).

The loans, which will be serviced by HFF, are securitized through Freddie Mac’s Capital Markets Execution (CME) program. Loan proceeds will be used to retire existing life company mortgages and commence a program of targeted capital improvements at the Class-A properties.

“In addition to the exceedingly attractive loan terms delivered to our borrowers, this closing was monumental as it represented the very first crossed-pool funding for Freddie Mac’s CME program,” said Schoenfeldt.

“The planned enhancements will reinforce the NTS portfolio’s status as the preeminent rental communities in their respective markets,” added Schoenfeldt.

Individual property details are listed below:

Willow Lake Apartments Indianapolis, IN 207 Units (top left photo)
Castle Creek Apartments Indianapolis, IN 276 Units
Lake Clearwater Apartments Indianapolis, IN 216 Units
The Grove Richland Apartments Nashville, TN 292 Units
The Grove Whitworth Apartments Nashville, TN 301 Units (middle right photo)
Park Place Apartments Lexington, KY 464 Units (bottom left photo)
The Grove Swift Creek Apartments Midlothian, VA 240 Units
Willows of Plainview Louisville, KY 310 Units

NTS Realty Holdings Limited Partnership (NYSE: NLP), as a tenant-in-common with unaffiliated co-owners, or as a majority joint venture partner with an affiliate, currently owns 24 properties comprised of 14 multifamily properties, seven office buildings and business centers and three retail properties.

The properties are located in and around Louisville and Lexington, Kentucky; Nashville and Cordova, Tennessee; Richmond, Virginia; Fort Lauderdale and Orlando, Florida; Indianapolis, Indiana; and Atlanta, Georgia.

Contacts:
Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Closes 2 Fannie Mae DUS® MAH Cooperative Loans Totaling $4.17M

$2.75M Fannie Mae DUS® MAH Cooperative Loan Completed for  Quail Valley Cooperative in Lenexa, KS

UNIONDALE, NY (Jan.  8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,750,000 loan under the Fannie Mae DUS® COOP (MAH) product line for the 100-unit complex known as Quail Valley Cooperative in Lenexa, KS.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.57 percent.

The loan was originated by Michael Jehle, (top left  photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The members of this cooperative have big plans for the renovation of their property through this refinance,” said Jehle. “They also received additional loan dollars from Arbor through the successful decoupling of their IRP payments to further enhance this capital improvement project.”

 Chateau Court Duplexes in Moore, OK Gets $1.42M  Fannie Mae DUS® Small Loan

UNIONDALE,  NY (Jan.  8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,420,000 loan under the Fannie Mae DUS® Small Loan product line for the 16-unit complex known as Chateau Court Duplexes in Moore, OK.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.84 percent.

The loan was originated by Jay Porterfield, (bottom right photo)  Vice President, in Arbor’s full-service Plano, TX lending office. “This was a very solid property that is well-leased to a stable tenant base,” said Porterfield. “Arbor was pleased to provide a rate and term refinance for this borrowing group to pay off their existing construction/mini-permanent bank loan.”

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Franklin Street Announces 48 Unit Sale in Tampa, FL

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of Shadow Pines Apartments in Tampa, Fla., for $1,200,000. The sales price represents $25,000 per unit and $25.13 per square foot.

Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher represented the buyer and seller. The buyer was Cedar Mountain Investments, LLC and the seller was Allied Group, Inc.

“This sale represents a story that is becoming more common in today’s market place. Hands on buyers who sold during the run-up are reappearing from the sidelines. They believe pricing has reached a level which will allow them to operate profitably despite current economic conditions” Said Kelleher.

 “The buyer, Cedar Mountain Investment, acquired this asset as its first with a goal to build a portfolio in the area. They plan to continue to take advantage of today’s discounted values and ride the cycle up.

The seller, Allied Group, was very active in the Tampa Multi-family market for the last decade. This was their last remaining apartment property and they were motivated Sellers looking to wind down their investments in multifamily.

Allied was willing to sell this property at a significant discount as compared to the sales they achieved on many other assets over the past four years as it fit well with their overall business plan. “

Built in 1984, Shadow Pines Apartments is located at 12201 N. 15th Street, Tampa, FL. The property was constructed of wood frame and concrete block and offers 47,760 rentable square feet. The apartment community consists of 48 two bedroom units that are 995 square feet.

Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/

C&W announces new tenant for CFE Federal Credit Union Building in Lake Mary, FL

ORLANDO, FL – Jan. 8, 2010–Cushman & Wakefield Office Brokerage Associate Director Betsy Owens (top right photo)  represented the tenant, Patriot Risk Management, in a new lease for 6,857 square feet in the CFE Federal Credit Union Building at 1000 Primera Boulevard in Lake Mary.

Patriot Risk Management provides workers' compensation alternative market risk transfer solutions and traditional workers' compensation insurance in 25 states, including Florida.

Contact:  Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com, http://www.cushwake.com/

Marcus & Millichap Sells 2,365 SF Single-Tenant Net-Leased Building in Huntsville, AL.

HUNTSVILLE, AL-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Popeyes, a 2,365-square foot single-tenant net-leased property located in Huntsville, Alabama, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,110,000.

John E Brigel,  (top right photo) Senior Associate in Marcus & Millichap’s Tampa office and Edwin Greenhalgh, the firm’s Alabama Broker and investment specialist in the firm’s Birmingham, Alabama office had the exclusive listing to market the property on behalf of the seller, a partnership.

“This was an excellent transaction for both buyer and seller. The buyer was able to acquire a ‘Top 1% Performer’ out of 1,559 stores nationwide and I was able to obtain an excellent price for the franchisee—a win/win of the first order”, states Brigel.

Popeyes is located at 3820 University Drive North West in high-growth Huntsville, Alabama.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Mercantile Capital Corp. Reports 12.8 Percent Jump in Commercial Lending Volume in 2009

ALTAMONTE SPRINGS, FL. --- Mercantile Capital Corporation, the Altamonte Springs firm that ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, reported it saw a 12.8 percent increase in lending volume in 2009 over 2008 dollar volume totals.

Chris Hurn (top right photo) , president of Mercantile Capital Corporation, said the number of transactions declined slightly in 2009 but loan amounts---to small business owners who want to acquire or develop their own facilities---increased, Hurn said.

Geof Longstaff, (middle left phto) chairman, said the firm’s largest single loan was $8.1 million to Blaine Convention Services in California to acquire a retail warehouse.

Mercantile Capital Corporation provided loans to small businesses in some 14 states in 2009, Longstaff said.

Since Mercantile Capital opened its doors in late 2002, the firm has provided 262 commercial loans valued at more than $424.7 million and created 2,983 jobs.

For more information about this press release, contact
G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040
Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com;

Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire the Center for Neurosurgery and Spine near St. Cloud, MN

ST. CLOUD, MN (Jan. 8, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into an agreement to acquire the Center for Neurosurgery and Spine, a 36,600-square-foot, two-building medical office portfolio in the St. Cloud suburb of Sartell. The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.

Located at 162 19th St. South, the Center for Neurosurgery and Spine is within approximately one-half mile of CentraCare Clinic Health Plaza and three miles of the 393-bed St. Cloud Hospital. Built in 2006 on approximately 3.7 acres of land, the property is fully leased to five tenants, including Central Minnesota Neurosciences, the Center for Pain Management and Central Minnesota Center for Diagnostic Imaging.

“The Center for Neurosurgery and Spine is completely occupied and well-located near the region’s largest hospital, making it an ideal acquisition for Grubb & Ellis Healthcare REIT II,” said Jeff Hanson, (top right photo)  chairman and chief executive officer.

The Center for Neurosurgery and Spine benefits from its proximity to St. Cloud Hospital, the largest full-service medical center in central Minnesota.

St. Cloud Hospital, founded in 1886, serves a population of approximately 640,000 people in a 12-county area. The hospital has been named a Thomson Reuters Top 100 Hospital and recognized as one of “America’s Best Hospitals” by U.S. News & World Report. CentraCare Clinic Health Plaza houses St. Cloud Hospital outpatient services.

“Not only is the Center for Neurosurgery and Spine well located near a large hospital, it is also in the heart of a thriving community with growing demand for healthcare services,” said Danny Prosky, president and chief operating officer. “As we begin to build a diverse portfolio of healthcare-related properties, these are among the key traits we will seek to identify among our potential acquisitions.”

Contact:  Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

New Moves and Faces at Grubb & Ellis

Shawn P. Mobley Promoted to President, Brokerage Services

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Shawn P. Mobley has been promoted to president, Brokerage Services.

In this newly created position, Mobley will be responsible for the day-to-day operations of the company’s Chicago offices and will oversee the Central and Northeast regions.

“Shawn is a proven leader whose success in strengthening our presence in the Chicago market and dedication to delivering unparalleled client service make him the ideal choice for this expanded position, said Jack Van Berkel,  (top left photo) chief operating officer and president, Real Estate Services.

“By leveraging his success in driving profitability, recruiting and building long-term, multi-service client relationships, Grubb & Ellis will be better positioned to take advantage of the recovering commercial real estate market.”

In his new role, Mobley will have responsibility for the company’s largest Real Estate Services region, which includes Grubb & Ellis’ owned offices in Boston, Chicago, Cleveland, Detroit, New Jersey, New York, Philadelphia and Pittsburgh as well as 16 affiliate offices. He will work closely with the individual market leaders to improve profitability, recruit and expand client relationships.

“I am extremely excited about this new role. Having been with Grubb & Ellis since 2005, I know firsthand about Grubb & Ellis’ commitment to excellence and client service, and I’m proud to have the opportunity to contribute to the company’s continued growth,” Mobley said.

Mobley, 42, joined Grubb & Ellis in 2005 as managing director of the company’s Chicago offices. In December 2008, he assumed responsibility for the Midwest region.

Contacts: Janice McDill, Erin Mays, Phone: 312.698.6707, 312.698.6735, Email: janice.mcdill@grubb-ellis.com,  erin.mays@grubb-ellis.com


Stephen M. Tyrrell Rejoins Grubb & Ellis as Senior Vice President, Private Capital Markets

SACRAMENTO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced  Stephen M. Tyrrell, (middle right photo)  CCIM, a 29-year veteran commercial real estate investment brokerage professional, has rejoined the firm as senior vice president, Private Capital Markets.

“We couldn’t be more excited about Steve’s decision to rejoin Grubb & Ellis,” said Robert Dean, SIOR, executive vice president and managing director of Grubb & Ellis’ Sacramento office. “In addition to being known for being a tremendous advisor to private investors, Steve has also proven himself to be an excellent leader in his arena.”

Tyrrell returns to Grubb & Ellis following 12 years as senior vice president of investment sales at Buzz Oates Real Estate.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Paul R. Adkins Named Managing Director of Washington, D.C. Region

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that commercial real estate veteran Paul R. Adkins (middle left photo) has been named managing director of its Washington, D.C., region, effective immediately.

 In this role, he will be responsible for the company’s Washington, D.C., Tysons Corner, Va., Bethesda, Md., and Baltimore Real Estate Services operations.

“Paul was one of the first people who came to mind when we began looking for a new leader in Washington, D.C.,” said Jack Van Berkel, chief operating office and president, Real Estate Services. “He is well-known and respected throughout the region and brings all of the qualities necessary to spearhead our growth initiatives in this important market.”

Adkins will be based in the company’s Washington, D.C., office and report to Steve Dils, executive vice president, managing director of the Southeast region.

Contacts: Janice McDill, Erin Mays, Phone: 312.698.6707 312.698.6735, Email: janice.mcdill@grubb-ellis.com, erin.mays@grubb-ellis.com

Rob Meeks Joins Firm  as Senior Vice President, Retail

TYSONS CORNER, VA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that 18-year commercial real estate veteran Rob Meeks has joined the firm as senior vice president, Retail, where he will specialize in tenant representation.

“Rob is an exceptionally talented and successful retail broker and a valuable addition to our office,” said Paul Adkins, executive vice president and managing director of Grubb & Ellis’ metropolitan Washington, D.C., operations. “He brings tremendous retail knowledge, strength and market credibility to Grubb & Ellis.”

As a member of Grubb & Ellis’ Retail Tenant Representation practice group, Meeks is responsible for providing commercial real estate brokerage services to Grubb & Ellis retail occupier clients throughout the Mid-Atlantic. His addition strengthens Grubb & Ellis’ Retail Occupier Services platform, which provides services to national retail occupiers, including strategic consulting, tenant representation brokerage, asset management, project management, lease administration and facilities management services.

Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Moore&Associates and URDANG Buy Massive D.C. Office Complex

Joint venture plans to reposition Station Square in vibrant Silver Spring submarket

BETHESDA,MD – Moore&Associates Inc., developer of the Station Square office complex (top left photo) in Silver Spring, Md., has repurchased the asset in a joint venture with Urdang Value-Added Fund II L.P.

The joint venture acquired the Class-A, three-building property in December for an undisclosed sum and will immediately commence a multimillion-dollar renovation of all three buildings.

The seller was National Office Partners Limited Partnership, a joint venture of Hines and the California Public Employees' Retirement System (CalPERS), which purchased the 500,000-square-foot asset in 2005 from Moore&Associates for $129.8 million.

Bill Prutting Jr., Bill Kaye and Randall Heilig of CB Richard Ellis’ Investment Properties Group represented the seller in the recent sale.

“Reentering Silver Spring now feels right,” Lloyd W. Moore, (middle right photo) Chairman of Moore&Associates, said of the company’s return to Silver Spring and to Station Square, which it developed in the mid 1980s and owned, managed and leased until the sale to National Office Partners.

“Our decision to sell in 2005 was driven by historically low capitalization rates,” Moore said. “Today, capitalization rates are much higher and Silver Spring remains a strong office market in a balanced urban center.”

Moore&Associates has been instrumental in the evolution of Silver Spring, which is enjoying a resurgence in anticipation of the opening in 2011 of one of the metro area’s largest comprehensive transit centers, now under construction on a tract adjacent to Station Square.

In addition to developing Station Square, Moore&Associates assembled the land that is now home to Discovery Communications’ 600,000-square-foot headquarters and Silver Spring’s Town Center, a vibrant, live-work-play retail and entertainment corridor.

Moore &Associates’ acquisition of the property is a joint venture with Urdang Value-Added Fund II L.P.

“We found the acquisition of Station Square to be compelling as the complex is situated in a highly desirable, transit-oriented, infill location in a strong Washington D.C. submarket.” said David L. Rabin,  (middle left photo) Managing Director of Acquisitions at Urdang.

“The attractive cost basis and ability to create value in the asset through a repositioning plan were also key investment factors.”

“Station Square fits our acquisition strategy perfectly,” said Stephen P. Durr, (bottom right photo)  Moore&Associates’ President. “We’re searching for properties with solid fundamentals in excellent locations and at prices that are reflective of the current investment sales market.

“Opportunities that require repositioning are all the more exciting because through hands-on control of property management, leasing and construction, we can maximize the opportunity for success,” Durr says. “Station Square fits the bill in every way.”

Station Square marks the fourth joint venture acquisition between Urdang Capital Management and Moore&Associates. The two firms own Bethesda Towers, a 540,000-square-foot office complex in Bethesda, Md., and two office buildings in Austin, Texas.

Urdang Value-Added Fund II L.P. is a private real estate fund managed by Urdang Capital Management Inc., based in Plymouth Meeting, PA. Urdang Capital Management is a provider of real estate investment management services and currently manages in excess of $3.3 billion in private equity, debt and global real estate securities. Urdang is part of BNY Mellon Asset Management.

Moore&Associates is an owner-managed, full-service commercial real estate investment, development and management firm serving affiliated and independent clients. With more than 50 employees, the firm has completed $800 million in capital transactions during the past four years and currently manages 2 million square feet of office properties.

Contact: Stephen Durr, President, Moore&Associates Inc., 301-565-5100 durrs@mooreassociates.com

Pennsylvania Shopping Center Commands $13.6M

Marcus & Millichap arranged the sale of Bensalem Crossing, (top left photo)  a property developed, leased and managed by The Goldberg Group.


BENSALEM, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bensalem Crossing, a 67,315-square foot grocery-anchored shopping center developed, leased and managed by The Goldenberg Group.

The center is located at the intersection of Hulmeville Road and Neshaminy Boulevard in Bensalem, which is located in Lower Bucks County. The sales price of $13.6 million represents $202 per square foot or a cap rate of 7.85 percent.

Brad Nathanson, (middle right photo) a vice president investments and senior director in the Philadelphia office of Marcus & Millichap’s National Retail Group, represented the seller, Bensalem Crossing Associates.

Kevin McCrann, a senior associate, and Thomas McConnell, an investment specialist, in the firm’s New Jersey office, represented the buyer, a New Jersey-based private partnership.

“Located in the Delaware Valley, this premier anchored center represents a safe and stable shopping-center investment,” says Nathanson. “Both anchor tenants, Safeway, which is subleased to ShopRite, and CVS possess investment-grade credit ratings and occupy 93 percent of the shopping center.

"We received multiple offers on the asset shortly after taking it to market due to the property’s proximity to Philadelphia and because it was anchored by one of the strongest grocery store operators in the Tri-State Area.

"Historically, ShopRite has the highest sales per square foot within the grocery store sector in Philadelphia. Ultimately, this asset traded at an aggressive cap rate, given the lack of quality assets that have come to market in the past 12 to 18 months.

“Despite challenging market conditions, quality product located strong suburban markets such as Philadelphia are still trading at a premium due to excellent demographics. Savvy investors will likely take advantage of opportunities in 2010 and realize long-term appreciation in assets that simply don’t trade hands too often,” adds Nathanson.

“The sale of this property is a good example how The Goldenberg Group creates long- term value in its shopping centers by developing in superior locations with excellent credit tenants under long-term leases,” says Robert W. Freedman, senior vice president and general counsel of the Goldenberg Group,

The Goldenberg Group will continue to management the center on behalf of the new owners.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Capital Corp. Arranges $4.6M Loan in Ohio

LAKEWOOD, OH – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood.

Ian Harrison, an associate director in the firm’s Columbus office, arranged the financing for the property.

“At a time when the market’s appetite for Walgreens’ credit and bond structure was waning, we were able to promote the viability of the pure real estate associated with this transaction, mixed with the strength of the borrowing entity,” says Harrison. “We secured the very best long-term fixed rate on the market for such a financing product.”

The loan has a loan-to-value of 83.1 percent and a 6.57 percent interest rate, fixed over 23 years. The 14,000-square foot property was built in 2007 and has 23 years remaining on the initial lease term.

“Increasingly, commercial real estate investors are interested in acquiring single-tenant credit assets such as Walgreens,” adds Harrison.

Lakewood is a first-ring suburb of Cleveland, Ohio.

Press Contact:  Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Marcus & Millichap Names Adam Christofferson Regional Manager of Encino, CA Office

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Adam Christofferson (top right photo) regional manager of the firm’s Encino office, according to Harvey E. Green, (bottom left photo) president and chief executive officer.

“More than seven years ago, Adam relocated from Southern California to spearhead the firm’s Denver expansion and now he will return to manage the Encino office,” comments Green.

“The Denver, Fort Collins and Salt Lake City offices have all benefited greatly from his leadership and dedication to superior client service. His extensive management experience and highly successful track record as an investment specialist make him an invaluable resource to our clients and agents in Southern California,” adds Green.

Christofferson began his career as an agent assistant with Marcus & Millichap in 1997, becoming a sales agent in 1998 and the No. 2 retail agent in the Encino office just two years later. As sales manager, he assisted in leading the Encino sales team to a record-breaking year in 2001.

 Christofferson was named the regional manager of the Denver office in September 2002 and was also charged with overseeing the firm’s Salt Lake City operations. Under his supervision, the Denver and Salt Lake City offices had five consecutive record-breaking years. In 2007, he was instrumental in opening the Fort Collins, Colorado, office through the acquisition of Wheeler Commercial Real Estate Services.

Christofferson graduated with a bachelor’s degree from Brigham Young University.

Press Contact:  Stacey Corso, Communications Department, (925) 953-1716

Richmond, VA State of the Office Market Q4 2009

RICHMOND, VA--Fourth quarter highlights of the office market in Richmond, VA presented by Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., are shown below:

Leasing activity


CBD

• Investment and banking firm, BB&T/Scott & Stringfellow leased

140,000 square feet of Class A space at Riverfront Plaza. This

space was formerly occupied by Wachovia Securities and was

transformed into sublet space upon Wachovia’s departure to St.

Louis in their merger with A.G. Edwards.

• Sands Anderson Marks & Miller, a law firm, inked a deal for 38,800

square feet at The Bank of America Tower. They should move in

early in 2010, while vacating a Class B, downtown property.

• Glave and Holmes, an architectural and design firm, signed a lease

for 14,600 square feet in Shockoe Bottom.

Suburban

• Title and closing services firm, Lawyers Title, leased 27,500 square

feet in Innsbrook Office Park in Henrico County.

• Bell Techlogix, an IT consulting firm, inked a renewal of 15,300

square feet in The Arboretum Office Park of Chesterfield County.

• Family law firm, Batzli Wood Stiles, signed a deal for 11,900 square

feet at Westerre Office Park in Henrico County.

Sales activity

Suburban

• 101 West Commerce Road (41,000 square feet, Class B), located in

South Richmond, sold for $4.74 million, or $116 per square foot. The

buyer was 101 West Commerce LLC, while the seller was Thomas

Carter Ryley Inc.

Construction activity

CBD

• MeadWestvaco’s new corporate headquarters is materially complete

along the James River. Foundry Park I will encompass some

330,000 square feet over nine stories of full glass exterior. The

packaging conglomerate will be vacating their West Broad location

upon completion. Recent layoffs have led to the subleasing of certain

floors at Foundry Park. A few employees have started to move in,

however, the full occupancy will not take place until February 2010.

At that time, some 700 employees will occupy the new building.

• The Williams Mullen Center on South 10th Street is also under

development, albeit not as far along as Foundry Park I. The property

is 63.0 percent pre-leased, primarily to law firm Williams Mullen. The

building should be ready next spring. Upon moving into their new

headquarters, Williams Mullen will be vacating 120,000 square feet

at James Center II.
 
 
Contact:   Perry H. Moss, CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com