Armada Hoffler Secures Tenant at Virginia Tower
Digital marketing provider Trader Interactive has signed a 12,000-square-foot office lease at Armada Hoffler Tower, in Virginia Beach, Va. The tenant will occupy the entire top floor at the property. The space was previously used by the landlord, which had relocated.
Colliers International and Divaris Real Estate brokered the leasing agreement.
Armada Hoffler Properties owns the building, which came online in 2003. The asset was subject to a $7.5 million CMBS loan in 2006 originated by Wells Fargo Bank and had a 2016 maturity date, Commercial Edge shows.
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The property’s tenant roster includes Aecom, CAR Group Ltd., Cushman & Wakefield and Legacy Business Advisors Mid-Atlantic, according to the same source. The property managed to keep six of its tenants since the building’s completion.
Town Center of Virginia Beach
Located at 222 Central Park Ave., the property has access to Interstate 264 and is near the Pembroke Office Park. Downtown Virginia Beach is 10 miles east.
The 23-story, 362,500-square-foot tower features 38,500 square feet of street-level retail and a nine-story parking garage with upward of 1,200 spots. The building was awarded the LEED Gold certification in 2017. Armada Hoffler Tower is part of Town Center of Virginia Beach, a mixed-use district that comprises 760 apartments, 620,000 square feet of retail, 800,000 square feet of office space and 25 acres.
Despite its rental rates going up more than 20 percent since 2020, Town Center of Virginia Beach’s office space had a 95 percent occupancy rate in the third quarter of 2024 and went up to 98 percent in the fourth quarter.
Nationwide, the office vacancy rate rose to 19.4 percent by the end of November, an increase of 120 basis points compared to the same period in 2023, according to a CommercialEdge report.
The Colliers team included Executive Vice President Perry Frazer and Senior Vice President Chris Kieran. President Michael Divaris, Executive Vice President Krista Costa and Associate Ashley Beck were part of the Divaris Real Estate team.
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