OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
CLASS A OFFICE OPPORTUNITY 61,528 SF FOR SALE OR LEASE
555 S. INDEPENDENCE BOULEVARD Virginia Beach, Virginia 23452
CLARK SIMPSON Senior Vice President 757 213 4144 clark.simpson@thalhimer.com
CHRISTINE KAEMPFE, SIOR Senior Vice President 757 499 1384 christine.kaempfe@thalhimer.com
ERIK CONRADI Associate 757 213 4164 erik.conradi@thalhimer.com
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield | Thalhimer © 2023. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
Cushman & Wakefield | Thalhimer, as the exclusive listing broker, is pleased to offer for lease or sale 555 S. Independence Boulevard, (the “Property”) a Class A, 61,528-square foot office building in Virginia Beach, Virginia. The Property is an ideal headquarters location in the Virginia Beach Town Center submarket with top quality interior and exterior finishes, attractively landscaped grounds, and excellent visibility in high traffic corridor with building and monument signage available.
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
PROPERTY PROFILE
BUILDING INFORMATION
ADDRESS
555 S. Independence Boulevard, Virginia Beach, VA 23452
TOTALSF
61,528SF
± 3.39acres
SITESIZE
2013 -Built 2020 - $1 M renovation
YEAR BUILT/ RENOVATIONS
ZONING
O1
STORIES
Three (3)
PARKING
226 surface spaces (4 per 1,000 SF)
FURNITURE
Potential to include existing FF&E
HVAC
3, 70-ton roof mounted units (2013)
TELCOM
Cox / Verizon
GAS
Virginia Natural Gas
LIFE SAFETY
Fully equipped with a wet sprinkler system
ELEVATOR
Two (2)
SECURITY
Fob security system; security cameras
ELECTRIC
Dominion Power
WATER/ SEWER
City of Virginia Beach
BMP
In place
ROOF
TPO single ply membrane roof system
GPIN
14767800810000
PRICING LEASE RATE
$18.00 PSF NNN
SALE PRICE
$9,750,000
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
FLOOR PLANS
FIRST FLOOR | 20,507 SF
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
FLOOR PLANS
SECOND FLOOR | 20,507 SF
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
FLOOR PLANS
THIRD FLOOR | 20,507 SF
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
SITE SURVEY
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
555 S INDEPENDENCE BOULEVARD
Independence Boulevard
CONVERGENCE CENTER
VIRGINIA BEACH TOWN CENTER
CORPORATECENTER
I
CORPORATECENTER
I V
STRENGTH OF THE SUBMARKET
CORPORATE C E N T E R I I
PEMBROKE MALL
P RI N CE SSA N N EHIGH SCHOOL
555 S. INDEPENDENCE BOULEVARD IS LOCATED IN THE
OF THE STATE’S LARGEST CITY
EXACTLY DOWNTOWN NORFOLK AND VIRGINIA BEACH OCEANFRONT
OF THE CITY’ S RESIDENTS LIVE WITHIN A FIVE- MILE RADIUS OF THE VIRGINIA BEACH CBD
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia NOTABLE OFFICE TENANTS
VIRGINIA BEACH / TOWN CENTER
The Town Center of Virginia Beach is an ongoing, multi-phase development that started in 2000 as a public-private partnership between the City of Virginia Beach and Armada Hoffler Properties. The mixed-use project spans 17 pedestrian-friendly blocks and features an eclectic mix of upscale retail, dining, Class A office space, luxury residences, as well as entertainment and cultural venues. The Town Center of Virginia Beach represents the city’s emerging downtown core. With more than 50 percent of tenants new to Virginia Beach and over 30 percent new to Coastal Virginia, this signature project serves as an economic catalyst for both the city and the broader region.
NOTABLE RETAIL TENANTS
SUBMARKET STATS (Q4 2022) 2.4M Square Feet of Inventory $25.62 Average Market Rent Per Square Foot ZERO SF Under Construction 1.5% Annual Rent Growth 11.6K SF 12 Month Net Absorption $178 PSF Market Sale Price 8.6% Vacancy Rate $19.1M 12 Month Sales Volume
OVER $ 900 MILLION
IN DEVELOPER AND CITY INVESTMENT SINCE 2003
NOTABLE FACTS
PEMBROKE MALL, TOWN CENTER
400+
HOTEL KEYS
25
ACRES SPANNING 20 CITY BLOCKS
500,000SF
750+
LUXURY APARTMENTS
OF UPSCALE RETAIL
25+
800,000SF
RESTAURANTS
OF CLASS A OFFICE
TOWNCENTER STREETSCAPE
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
MAJOR VIRGINIA BEACH EMPLOYERS
HAMPTON ROADS MAJOR EMPLOYERS
HAMPTON ROADS MAJOR EMPLOYERS
EMPLOYERS
CITY
NO. OF EMPLOYEES
Huntington Ingalls Industries
Newport News
24,000
Sentara Healthcare
Norfolk
22,000
NorfolkNaval Shipyard
Portsmouth
12,000
Riverside Health System
Newport News
8,000
Naval Medical Center
Portsmouth
5,400
Nasa Langley Research Center
Hampton
4,000
Bon Secours
Norfolk
4,000
The Colonial Williamsburg Foundation
Williamsburg
3,100
Bank of America
Norfolk
3,025
Old Dominion University
Norfolk
3,000
Amerigroup - The Wellpoint Companies
Virginia Beach
2,067
Geico Direct
Virginia Beach
2,500
Gold Key / PHR Hotels & Resorts
Virginia Beach
2,400
STIHL
Virginia Beach
2,067
BAE Systems Norfolk Ship Repair
Norfolk
2,000
Children's Health System
Norfolk
1,905
Navy Exchange ServiceCommand
Virginia Beach
1,888
Canon Virginia
Newport News
1,500
SOURCE: Hampton Roads Economic Development Authority
VIRGINIA BEACH / TOWNCENTER
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia • The Port of Virginia is the 6th largest port in the United States by total trade, and it’s the 3rd largest port on the East Coast • The port serves 16 Midwest and Southeast inland points by rail. Upon completion in 2020, the port will increase capacity 40%, adding the
6 TH Largest Port In The U.S.
$1.2B InvestedIn Port- Related Economic Development
capacity for one million containers annually • The port is the only East Coast port with Congressional authorization to dredge to 55 feet offering direct service to 25+ countries worldwide • Over $1.6 billion of total merchandise is received in the Port of Virginia’s Foreign Trade Zone 20 annually • Foreign Trade Zone 20 companies produced over $430 million in exports annually • With its exceptional location, the port provides access to 75% of the U.S. population within a two days drive • The region also enjoys access to two Class I railroads with double-stacked container capabilities allowing distribution throughout the East Coast and Mid-West • The Port of Virginia disperses $1 million annually for Aid to local ports • $1.2 billion invested in port-related economic development in 2018 • $6.95 million available in Virginia Port incentives each year • Over 4 million sf of land available within close proximity for warehouse and distribution development • The Virginia inland Port has generated investments totaling more than $900 million
HAMPTON ROADS OVERVIEW
DEFENSE
SHIPPING
TECHNOLOGY
RESEARCH
The region’s strategic location on the East Coast has fostered a maritime economy centered around the defense,shipping, and tourismindustries.Witha largefederalmilitarypresence, the Department of Defense direct spending in Hampton Roads contributes to an estimated 40% of Hampton Roads’ GDP. Increasing activity in the Port of Virginia has also helped to sustain nearly 10% of the entire state of Virginia’s workforce that have port-related jobs, while the more than 2,500 miles of shoreline and historicalsitesprovide the backbone to a burgeoning tourismindustry. The Port of Virginia is the fastest growing port on the East Coastand boasts the largest natural deep-water harbor on earth. Every major shipping line in the world calls on the Port of Virginia, providing direct access to over 80 ports worldwide, and 9.4% of the state’s entire resident workforce have port-related jobs. In addition to the 50-foot-deep channels, the port is only 18 miles from open ocean and enjoys a mild climatethat allows year-round shipping. Coupled with the largest and fastest container cranes on the planet, the rapid pace that seems to break records practically every month in TEU volume, shows no signs of slowing down. CABLES ANCHORED IN VIRGINIA BEACH In the 1850’s, twisted-pair copper lines were laid underwater to provide telegraph communication between continents. The types of cables and data they carry has evolved over time, and fiber optics is now at the forefront of digital communications, providing reliable signal at extreme capacity. Transatlantic fiber cables can now carry digital traffic from other continents to Virginia Beach, traveling thousands of miles from digital ports in South America, Europe, and soon Africa. Facebook and Microsoft, in conjunction with Spanish-based Telefonica, laid the first ever subsea cable (MAREA) to Virginia Beach with a 4,000-mile fiber connection to Bilbao, Spain. Telefonica also installed a second cable (BRUSA), which is 6,800 miles long and connects Brazil to Virginia Beach. The latest project includes an 8,000-mile cable between Cape Town, South Africa and Virginia Beach. As 72% of the world’s data center traffic goes through Ashburn, Virginia, these undersea telecommunications cables are key strands in the ever-expanding internet.
BIOMEDICAL AND LIFE SCIENCES Many of Virginia’s more than 600 biomedical and life science companies are located in the Hampton Roads MSA. The biomedical/life sciences cluster is driven by direct and easy access to such resources as Eastern Virginia Medical School, Sentara Health, Bon Secours Health System, Children’s Hospital of the Kings’ Daughters, LifeNet Health and its Center for Regenerative Medicine, and the global headquarters of Operation Smile. The industry is supported by research and academic institutions, including NASA Langley Research Center, Thomas Jefferson National Accelerator Facility, Old Dominion University, Hampton University, and Tidewater Community College.
OFFICE BUILDING FOR LEASE CORPOR ATE CENTER V 4425 Corporation Lane, Virginia Beach, Virginia
555 S. INDEPENDENCE BOULEVARD Virginia Beach, Virginia 23452
CLARK SIMPSON Senior Vice President 757 213 4144 clark.simpson@thalhimer.com
CHRISTINE KAEMPFE, SIOR Senior Vice President 757 499 1384 christine.kaempfe@thalhimer.com
ERIK CONRADI Associate 757 213 4164 erik.conradi@thalhimer.com
The Town Center Of Virginia Beach 222 Central Park Avenue, Suite 1500 Virginia Beach, Virginia 23462 thalhimer.com
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield | Thalhimer © 2023. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
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