HomeMy Public PortalAboutTOL PR 2010-02-16 Village office space
Town of Leesburg
News Release
For Immediate Release
Contact:
Marantha Edwards
Economic Development Manager
703-737-7019
Larry Lichtenauer
LH&A, Inc.
410-363-6205
Rich Vaaler
Sperry Van Ness/Vaaler Real Estate
703-771-1162
Village at Leesburg Unveils
Initial Phase of “Spec” Office Suites
Immediate Occupancy Available
Leesburg, VA (February 16, 2010) – The initial phase of “spec” office suites has been
completed and is ready for immediate occupancy at the Village at Leesburg. The new
office space consists of four units comprising nearly 11,000 square feet of Class A
space. “Spec” is a commercial real estate term which refers to the fact that the space
has been constructed without a confirmed tenant, on speculation.
Sperry Van Ness/Vaaler Real Estate has been selected as the exclusive
commercial real estate brokerage firm to market and lease the space. The office space
is contained within 1602 Village Market Blvd, a four-story building with retail on the first
floor and offices above, located on the western edge of the development. The individual
suites range from a minimum of 2,000 square feet to a maximum of approximately
5,000 square feet of space.
Village at Leesburg is a vertically-integrated, four-story, town center-style
development which will contain 541,000 square feet of retail, 155,000 square feet of
office and 335 luxury multi-family residences. A portion of the residential component is
now open and some residents have moved in. The construction pace for the balance of
the project is on schedule for a late Spring 2010 grand opening. A Cypress Equities
company* and Kettler are developing the project. The Carlyle Group is the lead equity
partner in the development and KLNB Retail is handling the leasing of the retail
sections.
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Village at Leesburg Office Space
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“One of the unique selling propositions of the spec office product is the speed in
which tenants can take occupancy of the space,” stated John Fainter, vice president of
development for the project. “Each suite is built out in a manner that will
accommodate most typical professional office users, so a company can move
immediately into the space. The pro-active configuration also is designed to reduce the
time and expense for negotiations and costs related to tenant improvements.
“Cypress Equities companies have successfully introduced this concept to
various markets around the country, and it has been particularly embraced by rapidly-
evolving and entrepreneurial companies that need to react quickly to unique business
conditions. Firms that have been awarded contracts and need expansion space, or
those that require rapid entry into a market that is new to them are the primary
beneficiaries. Spec office suites eliminate several steps in the real estate process that
typically distract company executives and serve to slow down the move-in period,” he
added.
Rich Vaaler, managing director of Sperry Van Ness/Vaaler Real Estate, and
Chuck LaRock, also with Sperry Van Ness/Vaaler Real Estate, are spearheading the
leasing strategy for the spec office suites. They have indicated that professional service
companies such as accountants, lawyers and marketing firms are the primary focus of
their activities. The real estate brokerage is also targeting medical office users and
defense contracting companies.
“The space is ideal for small to medium-sized office users that cannot afford a
protracted negotiation and tenant build-out process,” Vaaler explained. “While similar-
style office competitors exist in the marketplace, none can match the live-work-play
environment and amenities that presently exist at Village at Leesburg. The velocity of
office prospects active in the marketplace is at the highest level in more than one year.
“The Northern Virginia office sub-market is perfectly suited for the spec office
product and it has historically performed well. The prevalence of government
contractors translates to local and out-of-town companies that need to quickly ramp up
their operations to respond to a new piece of business. In many cases, these
requirements represent satellite offices with a smaller base of employees. The
developer is also offering the option of short-term leases to prospective tenants that
satisfy certain requirements,” Vaaler added.
In addition to Wegmans Food Markets, Inc., other major retailers at the project
include LA Fitness, Books-A-Million and Eggspectation restaurant. Companies that
lease space in the office buildings have access to covered parking as well as retail and
apartment amenities.
“The presentation of unique choices and the element of product differentiation
are compelling parts of this spec office product that are certain to attract the attention of
Northern Virginia office users,” said Marantha Edwards, Economic Development
Manager for The Town of Leesburg. “We anticipate an increased level of interest and
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Village at Leesburg Office Space
Page 3
energy at Village at Leesburg when paired with the exciting and comprehensive roster
of retail and entertainment amenities.”
About Cypress Equities: Founded in 1995, Cypress Equities companies* have
offices in Dallas, Atlanta, San Francisco, New York and Fort Lauderdale. Today,
Cypress Equities companies are developing and managing more than $1.2 billion in
projects throughout the U.S. and Caribbean, consisting of community and power
centers, as well as vertically integrated mixed-use villages that incorporate retail,
residential, hotel and offices. Visit www.cypressequities.com or call Randa McMinn at
972-778-7202 for more information.
*The Cypress Equities name, logo and other marks are trademarks and service marks being licensed to
independent operating companies by CE Brands, LLC. Any particular obligation, service or product is the
sole responsibility of the specific entity that incurs such obligation or supplies such service or product.
About Kettler: Founded by Robert C. Kettler in 1977, Kettler is among the largest
private real estate and property management companies based in the DC metro area
and one of the nation’s top multifamily developers. The firm’s diverse business model
has led to the delivery of five million square feet of commercial space and over 50,000
homes in its master-planned communities. Kettler’s rental portfolio includes high-end,
market rate, affordable and fee managed assets, and the management company has
been awarded the Pillars of the Industry Award. Currently, Kettler is developing
commercial, resort and transit-oriented mixed-use projects. For more information, visit
www.Kettler.com or call Karen Kossow at 703-226-6040.
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