33,000-SF Deal Puts Office/Flex at 100%

[IMGCAP(1)]NORFOLK, VA-A 33,000-sf lease with Citicorp North America has put a First Potomac asset here at 100% occupancy. The recently inked transaction, at 5301 Robin Hood Rd. in Norfolk Commerce Center II, is in an office/flex facility.

Citicorp is occupying office space in the two-story building, Timothy Zulick, senior vice president with First Potomac, tells GlobeSt.com, adding that the deal was quickly put together to accommodate Citicorp’s schedule. “They wanted to close to deal quickly and we were able to put it to bed within 30 days,” he says.

[IMGCAP(2)]Citicorp will occupy part of the second floor in the third quarter of 2008 with a lease term of 10 years. A 127,625-sf property, Norfolk Commerce Center II consists of two buildings that were built in 1990. It sits on 8.9 acres and includes four load docks. The asking rate for the space, before it became fully occupied, was $17 per sf.