M id A tlantic Real Estate Journal — August 19 - September 15, 2022 — 11A


Meisel, Nicholson, Weir, Byrd and Baker of JLL broker transaction KBS sells 207,000 s/f, three-building class A office park in Fairfax, Virginia for $23 Million

AIRFAX, VA — KBS announced the disposi- tion of Redwood Plaza I, II & III, a three-building class A office complex span - ning 207,000 s/f in Fairfax, a submarket of Washington, DC. The property, originally acquired by KBS in 2000, was purchased by Network Re- alty Partners , an Arlington- based investor, for $23 million. “Based on Fairfax, Virginia’s robust office market funda- mentals and the increasing demand for premier office space, now is the ideal time to sell this asset,” said Marc DeLuca , CEO and Eastern regional president at KBS. “Of - fice employees in this market are looking for spaces of the highest quality, especially as they return to in-person work. According to CBRE , since 2018, starting rents among five major central business districts including Washington, DC F

five-story building that holds 99,297 total rentable s/f of space; Redwood Plaza II, a three-story building that offers 67,328 total rentable s/f; and Redwood Plaza III, a two-story building contain- ing 40,984 rentable s/f. The three buildings have recently been renovated, bringing an elevated experience to the Redwood Plaza complex. Employees now have ac- cess to a new tenant lounge, which features arcade games, shuffleboard, free Wi-Fi, craft beer on tap, and a 24-hour, on-demand café. Additional shared amenities for tenants include renovated lobbies, a conference center, cater- ing kitchen, and community pantry and coffee. Jim Meisel, Matt Nichol- son, Andrew Weir, Kevin Byrd and Dave Baker of JLL were the brokers of the transaction.

“KBS has a long history of operating the properties in its client portfolio to exceptional standards, and Redwood Plaza is a perfect example,” says Meisel. “The company’s ability to provide the best of- fice space in the market is one of the reasons why assets like Redwood Plaza are so desir- able for potential buyers.” “We were pleased to work with KBS in the disposition of Redwood Plaza in one of the Mid-Atlantic’s strongest office markets,” said Bruce Fischer, Greenberg Trau- rig’s Chair of the West Coast Real Estate Practice and co- managing shareholder of the Orange County Office, who led the Greenberg Traurig team (shareholder, Howard Ch u, and paralegal, Amanda Kennedy ) representing KBS. Redwood Plaza is located at 10560, 10580, and 10600 Ar- rowhead Dr. in Fairfax. MAREJ

Redwood Plaza

have increased by 13% in prime office buildings making this market attractive to buyers.” The asset’s location is ideal for commuters across the D.C.-Maryland-Virginia (“DMV”) area, according to Luke Hamagiwa, asset man- ager for Redwood Plaza and vice president at KBS. “Redwood Plaza has been in KBS’ client portfolio since

2000 and has generated a steady stream of revenue ever since,” says Hamagiwa. “The buyer was attracted to the property’s easy access to Washington, D.C. and major airports as well as its proxim- ity to shopping and dining op- tions in the Fairfax market.” Redwood Plaza consists of three class A office build - ings: Redwood Plaza I, a

Green energy startup Versogen chooses Delaware for expansion

today to Delaware’s Council on Development Finance the company’s application for a Delaware Lab Space Grant of $450,380 and a Jobs Perfor- mance Grant of $151,343 from the Delaware Strategic Fund to support the company’s invest- ment of more than $4.8 million. Distribution of grants from the Delaware Strategic Fund are dependent on the com- pany meeting commitments as outlined to the CDF, which reviewed and approved Verso- gen’s request for up to $601,723 in total grant funding. “Versogen has been strongly supported by the State of Delaware directly or indi- rectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering com- mitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.” Versogen began with re- search conducted in Yan’s

lab in his role as Henry B. du Pont Chair of Chemical and Biomolecular Engi- neering at the University of Delaware. As Yan said, Del- aware recognized the start- up’s promise right away. So did entities throughout the United States, with numerous supporting the company’s work to bring to market a new class of poly- mer membranes that will make green hydrogen and fuel cells more economical. Originally branded as W7 Energy and rebranded as Versogen in 2021, the com- pany has been supported by more than $5 million in grants. These include the prestigious BIRD Project grant in 2020 and selection as one of three startups for the fourth cohort of the Shell GameChanger Accelerator (GCxN) program in 2021. Earlier this year, Versogen closed a Series A funding round that raised $14.5 million. This investment allows the company to scale development of its low-cost green hydrogen elec- trolyzer stacks. MAREJ

WILMINGTON, DE — Ver- sogen, an industry-leading green energy startup, has chosen Delaware as the site for a $4.8 million expansion that includes moving its operations from The Innovation Space in Wilmington to larger, upgrad- ed facilities at FMC Stine Re- search Center in Newark, DE. Versogen targets deep de- carbonization of the sectors of our economy that are not pos- sible by green electricity. The startup is focused on anion- exchange membranes (AEMs) and AEM based electrolyzers to produce low-cost green hy- drogen at scale. The company’s systems are engineered to make green hydrogen afford- able and sustainable – from the materials used in manu- facturing through to the costs of operations. “Delaware has been a hub for innovation for decades. Versogen is the latest success out of Delaware’s Innovation Space and a great example of the collaborative environ- ment we have for economic development in our state,” said Governor John Carney.

Versogen at FMC Campus

“We are excited for Versogen’s expansion, bringing new jobs and important technologies to New Castle County.” Versogen’s investment in- cludes renovating Stine Build- ing 115 and creating additional lab space at the site, which will be fully operational by 2024. The company’s relocation will accommodate its next level of operations, which includes adding forty-nine new jobs over the next three years to the 16 positions currently staffing the company. “New Castle County is the ideal place for startup compa- nies like Versogen to create innovative green technolo- gies,” said New Castle County executive Matt Meye r. “We

are proud to welcome Versogen and know that it will find the first-rate talent for employees and further growth.” Officials from FMC agreed. “At the FMC Stine Research Center, we work hard to change the world for the better,” said Dr. Kathleen Shelton, FMC ex - ecutive vice president and chief technology officer. “We are ex - cited to welcome Versogen and applaud them for developing industry-leading green energy technologies. We appreciate Delaware Prosperity Partner- ship for the continued collabo- ration and actively building a strong entrepreneurial and innovation ecosystem in the State of Delaware.” Versogen officials presented

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