Harbor Group Taps CBRE to Lease Downtown Norfolk Tower
- Jan 16, 2015
Harbor Group Management Co. is looking to add new tenants to its office building at 555 East Main St. in downtown Norfolk. The company has recently selected CBRE|Hampton as the exclusive leasing agent for the 17-story tower.
Located across from the Circuit Court Building, 555 East Main offers 292,208 square feet of space and and was completed in 1977. It has received numerous upgrades since then, including an energy management system, new roof, elevators and HVAC system. Tenant parking is also available on the second through seventh levels.
PNC Bank is the building’s largest tenant and also operates a retail branch with drive-through service there. CBRE|Hampton Roads’ Perry Frazer and Matt Wilbricht will handle the leasing and marketing of the property.
According to CBRE’s latest market report, metropolitan Norfolk offers about 23.4 million square feet of office space in more than 330 buildings. Vacancy rose 120 basis points during the third quarter of 2014, reaching 16.4 percent. Despite that increase, average asking rents also edged up $0.26 per square foot to $17.33. That marked the second consecutive quarter of rental rate growth in the region.
Photo credit: CBRE