Lease represents one of the largest industrial leases in Hampton Roads’ history
Norfolk, VA – Northrop Grumman Newport News, a sector of Northrop Grumman Corporation, has leased 360,747 square feet at Enterchange at Hampton Building B, a new 470,244 square-foot industrial facility that will be built by Richmond-based Devon USA in Copeland Industrial Park in Hampton.
Northrop Grumman Newport News will consolidate warehouses located at the shipyard into the new space at Enterchange at Hampton. Groundbreaking on the new facility is expected to occur in February with delivery scheduled for November 2007.
Lang Williams, vice president of CBRE, represented Northrop Grumman Newport News, and Clay Culbreth, SIOR, senior director, and Stephanie Sanker, director, with GVA Advantis represented Devon USA.
“Devon USA is excited about the opportunity to tailor its planned distribution facility to the specific needs of Northrop Grumman Newport News,” says Ed Mitchell, vice president. “It is fitting that one of the largest and most sophisticated warehouse buildings to be developed in the Hampton Roads market will be occupied by such an established tenant. The long-term commitment to the park is an incredible endorsement. We anticipate a strong demand for the remaining 110,000 square feet.”
“CB Richard Ellis appreciates the opportunity to represent Northrop Grumman Newport News on this important assignment,” said Williams. “The lease is
significant not only for our client and the landlord, but also for the Hampton Roads industrial market.”
About Northrop Grumman Corporation
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide. For more information, please visit www.northropgrumman.com.
About DEVON USA
DEVON USA is a leading developer of warehouse, distribution, and light manufacturing facilities in the Mid-Atlantic area. The company is currently developing space at its parks in Richmond and Hampton Roads, and it controls several well-located sites that would be ideal for built-to-suit development. Based in Richmond, Virginia, Devon has constructed and/or renovated over 4.8 million sq. ft. of commercial space since 1980. An additional 800,000 sq. ft. of space is currently under development at Devon’s state-of-the-art warehouse and distribution parks in Hampton and Suffolk, Virginia. For more information, please visit www.devonusa.com.
About CB Richard Ellis – Locally
CB Richard Ellis/Norfolk and Newport News are CB Richard Ellis partner offices serving the Hampton Roads region. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. The local offices closed more than $1 billion in sales and leasing transactions in 2005. For more information about the Norfolk or Newport News offices, visit our Web sites, www.cbre.com/norfolk or www.cbre.com/newportnews.
About GVA Advantis
GVA Advantis is a full-service real estate firm that leases, manages and sells office, industrial, retail and other commercial real estate projects and sites. The company also provides construction, corporate real estate and project management services. GVA Advantis employs more than 500 people, and in addition to its headquarters in Atlanta, has 12 regional offices throughout the Southeast and Mid-Atlantic. For more information, visit www.gvaadvantis.com.