
Capital Markets Group Completes Sale of Maritime Square Office Building
NEWPORT NEWS, VA: Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented Blue Sage Ventures in the sale of the Maritime Square office building. The 135,103 square foot office building, built in 1970 and renovated in 2012, is located at 2600 Washington Avenue in downtown Newport News, VA. An entity affiliated with The Simpson Organization out of Atlanta, Georgia acquired the asset on April 9, 2014. The sale price was $8,600,000 and the property was 72% leased at the time of the acquisition. The sale was completed by Eric Robison and Catharine Spangler.
“Maritime Square has a unique presence in the Hampton Roads office market as the only significant office building available for lease in downtown Newport News,” said Eric Robison, Senior Vice President, at Cushman & Wakefield | Thalhimer. Strategically located within steps of the Newport News municipal buildings and just blocks from Huntington Ingalls Industries Newport News Shipbuilding, the property benefits from a captive nearby tenant base. “Significant improvements completed by the Seller to the building lobby and common areas have added modern, high-quality finishes to this well located building,” Robison added, “The sale to an owner with the experience of the Simpson Organization ensures that the recent leasing momentum and commitment to quality in the building will continue into the future.”