Atlantic Union Bank leases 12,000 square feet at One Columbus Center, enhancing Town Center's business profile.
Quiver AI Summary
Armada Hoffler announced that Atlantic Union Bank has signed a lease for about 12,000 square feet at One Columbus Center in Virginia Beach's Town Center, bringing the office portfolio to 99% leased. This lease, which is nearly 7% above the previous tenant's rate, highlights the area's appeal as a prime business location in the Hampton Roads region. Shawn Tibbetts, CEO of Armada Hoffler, noted the growing demand for high-quality office space in this mixed-use environment that integrates retail, dining, and entertainment options. The development of Town Center, in partnership with the City of Virginia Beach, aims to create a vibrant downtown core. The transaction was represented by Divaris Real Estate for the landlord and Cushman & Wakefield Thalhimer for the tenant.
Potential Positives
- Atlantic Union Bank has signed a substantial full floor lease for approximately 12,000 square feet at One Columbus Center, reflecting strong demand for premium office space in the area.
- The lease is at nearly 7% higher rates than the previous tenant, indicating an increase in property value and rental income potential for Armada Hoffler.
- Armada Hoffler's office portfolio at Town Center is now 99% leased, demonstrating effective management and a robust demand for their properties.
- The announcement reinforces Town Center of Virginia Beach's status as a premier business location, which could attract future tenants and investors.
Potential Negatives
- The press release focuses heavily on a single lease transaction, which may indicate a lack of broader portfolio growth or diverse leasing activity.
- The mention of backfilling the space at a nearly 7% spread over the prior tenant's lease raises potential concerns about the previous tenant's decision to vacate.
- The statement emphasizes the "enduring appeal" of the mixed-use strategy, which could imply that previous strategies may not have been as successful or stable.
FAQ
What recent lease has Atlantic Union Bank signed?
Atlantic Union Bank has signed a full floor lease for approximately 12,000 square feet at One Columbus Center.
What is the occupancy rate of Armada Hoffler’s office portfolio in Town Center?
Armada Hoffler’s office portfolio at Town Center is now 99% leased.
What significance does the new lease have for Town Center of Virginia Beach?
The lease underscores Town Center's position as the premier business address in the Hampton Roads region.
What type of environment does One Columbus Center offer?
One Columbus Center is part of a vibrant mixed-use environment offering dining, retail, entertainment, and residential options.
Who represented the landlord and tenant in this transaction?
Divaris Real Estate represented the landlord, while Cushman & Wakefield Thalhimer represented the tenant.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
VIRGINIA BEACH, Va., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE: AHH) today announced that Atlantic Union Bank has signed a full floor lease for approximately 12,000 square feet at One Columbus Center, located in the heart of Town Center of Virginia Beach. The new lease represents an immediate backfill of recently available space at a nearly 7% spread over the prior tenant’s lease. Armada Hoffler’s office portfolio at Town Center is now 99% leased.
“Atlantic Union Bank’s decision to establish a significant presence at One Columbus Center further underscores Town Center of Virginia Beach’s position as the premier business address in the Hampton Roads region,” said Shawn Tibbetts, President and CEO of Armada Hoffler. “We continue to see companies relocating to Town Center of Virginia Beach to benefit from the energy and convenience of a true mixed-use environment. The immediate backfill of this space and our continued ability to grow rents demonstrates the strength of demand for high-quality office space in Town Center of Virginia Beach and the enduring appeal of our mixed-use strategy.”
Atlantic Union Bank will join a diverse mix of professional, financial, and technology firms that have made Town Center their home. Located within Armada Hoffler’s Town Center portfolio, One Columbus Center is a Class A office building offering convenient access to dining, retail, entertainment, and residential options. This vibrant mixed-use district is designed to foster a true live-work-play environment, creating a dynamic setting for employees and clients alike.
For more than two decades, Armada Hoffler has partnered with the City of Virginia Beach to create and continually enhance Town Center of Virginia Beach, a vibrant destination that serves as the City’s downtown core.
Divaris Real Estate represented the landlord in the transaction, and Cushman & Wakefield Thalhimer represented the tenant.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust (“REIT”) with over four decades of experience developing, building, acquiring, and managing high-quality office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. We also provide general construction and development services to third-party clients, in addition to developing and building properties to be placed in our stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.
Contact:
Chelsea Forrest
Armada Hoffler
Vice President of Corporate Communications and Investor Relations
Email:
[email protected]
Phone: (757) 612-4248
