Morgan Stanley Leases 10,000 Square Feet in The Town Center of Virginia Beach

Posted on September 04, 2001  /  in News Releases  /  No Comments

Virginia Beach, Virginia- Gerald Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the signing of a lease with Morgan Stanley for 10,057 square feet at the new Town Center of Virginia Beach.  Morgan Stanley serves individual and corporate investors through a national network of branch offices, including Virginia Beach and Newport News.  They will occupy space in the north wing of The Town Center’s first block, which is now under construction.

Morgan Stanley is a preeminent global financial services firm that maintains leading  market positions in each of its businesses — Securities, Asset Management and Credit Services. The company combines award-winning global research, leadership in asset management and top-ranked investment banking  (including underwriting public offerings of securities and mergers and acquisitions advice) with strengths in providing consumer and corporate credit products.

The Town Center of Virginia Beach is a major mixed-use main street, urban-style development.  Ultimately the development will include 800,000 square feet of Class A office space, the tallest office towers in the metropolitan area, 750,000 square feet of upscale retail space, two hotels, 600 apartments and numerous entertainment and recreational facilities.  The project is a public/private partnership with the City of Virginia Beach, which is building the parking garages, roads and services.  The first phase will be completed in the fall of 2002.  The development is being undertaken by Town Center Associates L.L.C., a joint venture of Armada/Hoffler Holding Company and the principals of Divaris Real Estate.  Divaris Real Estate is the exclusive leasing agent and property manager for the development and Armada/Hoffler Construction Company is the project’s general contractor.

The Morgan Stanley lease was negotiated by Michael Divaris and Vivian Turok of Divaris Real Estate, Inc. representing the Landlord, and Grubb & Ellis of Washington, DC and C.B. Richard Ellis of Virginia Beach, representing the Tenant.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton, Tampa, Fort Lauderdale, Hollywood and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 28.2 million square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states.

Divaris Real Estate, Inc. is a member of Realty Resources, a national group of independent retail property brokers and managers covering 75 major markets throughout the United States.  DRE is also the Virginia affiliate for CORE, a national group of full-service commercial and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and  Europe.  These organizations represent corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, acquisitions and land sales. Gerald S. Divaris is Chairman of the Board and Michael B. Divaris is President of Divaris Real Estate, Inc.


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