The Norfolk, VA-based Value Option's lease was expiring and had made the decision to move, says Todd Noel, a senior associate with Trammell Crow Co.'s local office. He tells GlobeSt.com that the building's new owner, Covington Asset Management, was key to keeping Value Options in the two-building complex at 10220-10240 N. 31st Ave.
"Covington conveyed to the (Value Option) executives the capital improvement plan," Noel says. "The new ownership and their improvement plans basically changed Value Options' mind." The plan calls for upgrades to common areas, courtyard, façade, doors and windows. Besides Noel, the TCC team included Don Mudd, John Bonnell, Jason Moore and Ray Harris.
Despite the downsizing, Value Options remains the lead tenant in the 74,880-sf office complex, which is about 88% leased. The asset's quoted rent is $18 per sf.
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