Monday, June 04, 2012
NEW BOSTON FUND AND RER EQUITIES SECURE NEW 83,414-SQUARE-FOOT LEASE AT WESTMARK TWO
SunTrust Bank leases Class-A office space in Glen Allen, Va.
Arlington, Va. - (June 4, 2012) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, and RER EQUITIES, INC., a private equity real estate and development firm, announced today that they have leased 83,414 square feet of Class-A office space to SunTrust Bank, Inc. for its mortgage group at WestMark Two in Glen Allen, Va. Boston-based New Boston Fund and Herndon, Va.-based RER Equities own and manage WestMark Two in the joint-venture partnership, RER/New Boston West Broad Street LLC.
WestMark Two is a five-story, 204,622-square-foot office building situated on a 40-acre business campus. The property features highly-efficient floor plates with raised flooring to complement the building’s flexibility, an emergency back-up power system, a parking ratio of 5 spaces per 1,000 square feet leased, and excellent signage opportunities. SunTrust will occupy 41 percent of the building.
“SunTrust was drawn to WestMark Two due to the quality of the building, the convenient location, ease of access and its many impressive amenities,” said Bruce Levy, CEO of RER Equities.
Jeff Cooke, Senior Vice President at Thalhimer, handled the assignment on behalf of the RER/New Boston joint venture. Also from Thalhimer, Senior Vice President N. Dean Meyer represented SunTrust.
“WestMark One and Two are excellent assets in our Mid-Atlantic portfolio, said Pat Shooltz, Senior Vice President and Regional Director of New Boston Fund’s Mid-Atlantic region. “We are proud to welcome SunTust to our tenant roster and provide them with first-class property management services.”
Also located in the same business complex is WestMark One, a 211,689-square-foot office building. WestMark One and Two have undergone significant renovations and are strategically located on West Broad Street at the I-64 interchange, and near I-295, I-95 and Route 288. One of the largest commercial properties in the Richmond area, WestMark is located in the heart of the premier 8 million square foot Innsbrook area office submarket and the premier retail corridor in the greater Richmond area, offering convenient access to the 1.2 million SF Short Pump Town Center regional mall, the 650,000 SF West Broad Village town center development, and over 150 restaurants and over 3,000 hotel rooms within a two-three mile radius.
The RER/New Boston joint venture purchased WestMark Two in August 2004. RER/New Boston does not disclose leasing prices.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
About RER Equities, Inc.
RER Equities is the real estate equity arm of the RER Financial Group, LLC. The RER Financial Group provides a wide range of real estate and financial investment and consulting services to government agencies, Wall Street investment banks, private real estate investors, rating agencies, and other financial institutions. The company has underwritten over $45 billion of commercial real estate assets and instruments. RER Equities acquires and invests in real estate and related assets through unique acquisition and development opportunities. For more information, visit the Company Web site at www.rerfin.com.
For all news or media inquiries, please contact:
Solomon McCown & Company