Adler Group Taps JLL to Lease Norfolk’s Interstate Corporate Center
- Sep 17, 2014
By Adrian Maties, Associate Editor
Norfolk’s Interstate Corporate Center is looking for new tenants. Miami-based Adler Group, the owner of the property, has recently selected JLL’s Hampton Roads team to lease the 17-building office park.
Located at the intersection of I-64 and I-264, Interstate Corporate Center offers 475,000 square feet of office space. Amenities include ample parking, on-site management and maintenance a cafe and conference rooms. According to Adler Group’s website, about 107,000 square feet of space is available, with rents between $17.50 and $19 per square foot.
The JLL team in charge of the assignment includes Senior Vice President Deborah Stearns and Associate Landon Hinton. They will be working together with Managing Director Mark Levy, who oversees the Adler Group portfolio throughout the Southeast United States.
“The transitioning of a couple of tenants has created new opportunities in this park, which has enjoyed high occupancy since its delivery,” Stearns said in a statement. “We are excited about this opportunity and feel the improving economy will drive new demand.” JLL is also representing Adler Group in several other markets, including Tampa, Fla., Northern Virginia, Richmond and Ohio.
CBRE reports that, with another 7,822 square feet of positive absorption during the second quarter, the Norfolk office market has now experienced positive net absorption for nine of the past ten quarters. The area’s office vacancy remained at 15.2 percent from the first to second quarters because most of the roughly 10,000 square feet of positive absorption was offset by a nearly equal volume of space returned to the market. Meanwhile, asking rents increased $.02 per square foot to $17.07 at the end of the second quarter. This marks the first quarter-over-quarter increase in nearly a year.Photo credits: The Adler Group Charts courtesy of CBRE.