Ashton Williamson of real estate services firm CB Richard Ellis secured the new tenant on behalf of Gateway and represented the company in negotiations with the Tokyo-based shipping concern. Specific financial terms of the transaction have not been revealed; however, CBRE had been marketing the space for $5.25 per sf.

Carrying the addresses of 301 & 500 W. Park Lane, the Gateway industrial warehouse buildings occupy a nearly 40-acre parcel off the area's main artery, Interstate 64. The structure at 301 W. Park is a 258,000-sf building that includes 40,500 sf of office space; the second structure features 257,000 sf of space, including a 6,100-sf office segment. Moreover, the property can accommodate additional development of up to 146,000 sf.

Their locations are within close proximity to the Newport News Marine Terminal, the Norfolk International Terminals, and the Portsmouth Marine Terminal, thereby paving the way for easy transportation of goods. "NYK has considered the Port of Virginia as a new region for expansion for some time," Williamson says. "Port growth and a new business contract for NYK precipitated the need for this large block of space."