Monday, July 09, 2012
NEW BOSTON FUND AND RER EQUITIES SECURE NEW 46,150-SQUARE-FOOT LEASE AT WESTMARK TWO
Magellan Medicaid Administration leases Class-A office space in Glen Allen, Va.
Arlington, Va. – (July 9, 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 46,150 square feet of Class-A office space to Magellan Medicaid Administration, Inc. 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 five spaces per 1,000 square feet leased, and excellent signage opportunities.
“We were able to demonstrate to Magellan that WestMark Two is a superior solution to Magellan’s space needs within the Innsbrook submarket because of its Class A building quality, efficient floor plate, low core factor, and unmatched location and visibility in the heart of the amenity-rich Innsbrook/Short Pump area. We are excited to welcome Magellan as a Class A corporate tenant here at WestMark,” said Bruce Levy, CEO of RER Equities.
Magellan will occupy 23 percent of the building, and is slated to move in on September 1 as the result of a cooperative, fast-track tenant buildout that will be completed by the landlord and tenant. New Boston and RER Equities have leased approximately 130,000 square feet at WestMark Two within the past five months, having previously completed an 83,414-square-foot lease with SunTrust Bank. Accordingly, only approximately 74,000 square feet (two floors) remain available for lease at WestMark Two, which is one of the few options left in the market for large office users.
“New Boston and RER could not be happier to have Magellan at WestMark Two,” said David Langol, Vice President of New Boston Fund’s Mid-Atlantic region. Magellan’s decision to lease here underscores the fact that WestMark is the best-in-class office choice for quality corporate tenants.”
Jeff Cooke, Mac Wilson and Brian Berkey at Cushman & Wakefield/Thalhimer, handled the transaction on behalf of the RER/New Boston joint venture. Magellan was represented by L. Jamie Smith of Cassidy Turley and Austin Newman at Cushman & Wakefield/Thalhimer.
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 eight 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-square-foot Short Pump Town Center regional mall, the 650,000-square-foot West Broad Village town center development, and more than 150 restaurants and 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.
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