Norfolk Office Q4 2018 Marketview

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KEY TAKEAWAYS

•In December, DSC Partners acquired a 1.64 million-square-foot portfolio from First Potomac Realty Trust for $167 million.  This portfolio consisted of 15 single-story office, flex, and industrial properties, with the majority of the portfolio located within the Greenbrier submarket.  The Colliers Office team was selected by DSC Partners to take over the leasing for the entire portfolio.

•On December 20th, Hertz Investment Group acquired Dominon Tower from Harbour Group International for $79 million.  Located within the Downtown Norfolk submarket, the 26-story and 403,300 sq. ft. Class A property is the largest office building in the Norfolk market.  The Colliers Office team was retained by the new owner to continue leasing the prized asset.

•On the heels of the Dominion Tower sale,  The Fallstaff Group purchased Town Point Center from Cohen Investment Group for $19.9 million.  Located at 150 Boush Street, Town Point Center is a 12-story, Class A office building within the  Downtown Norfolk submarket.

•On December 12th, Norfolk Southern Corporation announced plans to relocate its headquarters to Atlanta and move out of its Downtown Norfolk location.  Norfolk Southern plans to have its Downtown Norfolk office fully vacated by the summer of 2021.

KEY TAKEAWAYS
•In December, DSC Partners acquired a 1.64 million-square-foot portfolio from First Potomac Realty Trust for $167 million.  This portfolio consisted of 15 single-story office, flex, and industrial properties, with the majority of the portfolio located within the Greenbrier submarket.  The Colliers Office team was selected by DSC Partners to take over the leasing for the entire portfolio.

•On December 20th, Hertz Investment Group acquired Dominon Tower from Harbour Group International for $79 million.  Located within the Downtown Norfolk submarket, the 26-story and 403,300 sq. ft. Class A property is the largest office building in the Norfolk market.  The Colliers Office team was retained by the new owner to continue leasing the prized asset.

•On the heels of the Dominion Tower sale,  The Fallstaff Group purchased Town Point Center from Cohen Investment Group for $19.9 million.  Located at 150 Boush Street, Town Point Center is a 12-story, Class A office building within the  Downtown Norfolk submarket.

•On December 12th, Norfolk Southern Corporation announced plans to relocate its headquarters to Atlanta and move out of its Downtown Norfolk location.  Norfolk Southern plans to have its Downtown Norfolk office fully vacated by the summer of 2021.
KEY TAKEAWAYS
•In December, DSC Partners acquired a 1.64 million-square-foot portfolio from First Potomac Realty Trust for $167 million.  This portfolio consisted of 15 single-story office, flex, and industrial properties, with the majority of the portfolio located within the Greenbrier submarket.  The Colliers Office team was selected by DSC Partners to take over the leasing for the entire portfolio.

•On December 20th, Hertz Investment Group acquired Dominon Tower from Harbour Group International for $79 million.  Located within the Downtown Norfolk submarket, the 26-story and 403,300 sq. ft. Class A property is the largest office building in the Norfolk market.  The Colliers Office team was retained by the new owner to continue leasing the prized asset.

•On the heels of the Dominion Tower sale,  The Fallstaff Group purchased Town Point Center from Cohen Investment Group for $19.9 million.  Located at 150 Boush Street, Town Point Center is a 12-story, Class A office building within the  Downtown Norfolk submarket.

•On December 12th, Norfolk Southern Corporation announced plans to relocate its headquarters to Atlanta and move out of its Downtown Norfolk location.  Norfolk Southern plans to have its Downtown Norfolk office fully vacated by the summer of 2021.
KEY TAKEAWAYS
•In December, DSC Partners acquired a 1.64 million-square-foot portfolio from First Potomac Realty Trust for $167 million.  This portfolio consisted of 15 single-story office, flex, and industrial properties, with the majority of the portfolio located within the Greenbrier submarket.  The Colliers Office team was selected by DSC Partners to take over the leasing for the entire portfolio.

•On December 20th, Hertz Investment Group acquired Dominon Tower from Harbour Group International for $79 million.  Located within the Downtown Norfolk submarket, the 26-story and 403,300 sq. ft. Class A property is the largest office building in the Norfolk market.  The Colliers Office team was retained by the new owner to continue leasing the prized asset.

•On the heels of the Dominion Tower sale,  The Fallstaff Group purchased Town Point Center from Cohen Investment Group for $19.9 million.  Located at 150 Boush Street, Town Point Center is a 12-story, Class A office building within the  Downtown Norfolk submarket.

•On December 12th, Norfolk Southern Corporation announced plans to relocate its headquarters to Atlanta and move out of its Downtown Norfolk location.  Norfolk Southern plans to have its Downtown Norfolk office fully vacated by the summer of 2021.

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Norfolk Office Q4 2018 Marketview

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