Tuesday, June 25, 2013
NEW BOSTON FUND AND RER EQUITIES SECURE LEASE WITH EMC CORPORATION AT WESTMARK TWO
The IT services and consulting firm will occupy approximately 8,900 square feet on the first floor
Richmond, VA – (June 25, 2013) - 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 it has leased 8,900 square feet of Class-A office space to Massachusetts-based EMC Corporation, an IT services and consulting firm, at WestMark Two in Richmond, 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 in the heart of Richmond’s premier Innsbrook office submarket. The property features highly-efficient floor plates with raised flooring to complement the building’s flexibility, an over-sized emergency back-up power system, a parking ratio of five spaces per 1,000 square feet leased and excellent signage opportunities.
“WestMark Two offers EMC unparalleled office space, and an ideal location with excellent visibility in the heart of the amenity-rich Innsbrook/Short Pump area. We are very pleased that EMC chose WestMark as its home for the Mid-Atlantic region,” said Bruce Levy, CEO of RER Equities.
EMC Corporation will join the impressive roster of national tenants at WestMark, including SunTrust Bank and Magellan Health Services, during the third quarter of 2013 once its space is built-out.
“We are thrilled to have EMC move into WestMark Two along with our other top tenants,” said David Langol, Vice President of Asset and Property Management at New Boston Fund. “The WestMark Office Park is a perfect fit for a company of EMC’s pedigree, offering Class-A office space, complemented by a highly sought after location close to many quality amenities.”
New Boston and RER Equities have leased approximately 138,500 square feet at WestMark Two within the past fifteen months, having most recently completed an 83,414-square-foot lease with SunTrust Bank and a 46,150-square-foot lease with Magellan Medicaid Administration.
On the EMC lease transaction, Jeffrey Cooke, Mac Wilson, and Brian Berkey of Cushman & Wakefield/Thalhimer represented the RER/New Boston joint venture. Brett McNamee of Divaris and Kristen Otto of Cresa LLC represented EMC.
Located in the same office park is WestMark One, a 228,000-square-foot headquarters quality 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 Short Pump retail corridor in the greater Richmond area. The location offers 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 5,000 hotel rooms within a two-three mile radius.
The RER/New Boston joint venture purchased the WestMark Office Park 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 $3.5 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 $70 billion of commercial real estate assets and instruments. RER Equities acquires and invests in high quality, value-add real estate and related assets. For more information, visit the Company Web site at www.rerfin.com.
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