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Wells Fargo Tower in Norfolk Commands Premium Rates
June 22, 2010
Maureen G. Rooks, office sales and leasing specialist in Thalhimer’s Virginia Beach office comments on the new building opening.
“The opening of the new Wells Fargo Office Center offers another notch in Norfolk’s skyline belt. It is a beautiful 23-story, 258,000 square foot Class A office building. The building is reported to be 84% occupied offering a rental rate of $29.50 per RSF, full service. The improvement allowance offered for new tenancy by S.L. Nusbaum is below market at about $20.00 per square foot; slab to deck. This in effect means a portion of improvement costs must be paid for by the tenant out of pocket; or amortized back into the rental rate escalating theeffective rental rate toover $30.00 per square foot. The effective rental rate is over $30.00 per square foot. These rental rates topple over Norfolk’s average rental rate of $23.57 full service.”
Read the full article "Wells Fargo Tower in Norfolk welcomes first tenant", Brown, Josh. The Virginian-Pilot, June 7, 2010.
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Posted in: Office, Tenant information, Hampton Roads real estate, General Comments
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