Virginia Beach, Virginia: Michael B. Divaris, president of Divaris Real Estate Inc. (DRE), announced the signing of a lease with The Art Institutes for 35,000 square feet of office space in the Two Columbus Center building located at the corner of Main Street and Constitution Drive in Block 5 of the highly successful Town Center of Virginia Beach. The school will have the opportunity to expand to an additional 15,000 square feet within two years.
The Art Institutes plans to open a school in Virginia Beach in time for the 2010 spring semester. The location will accommodate 2,000 students per year, each paying a yearly tuition of approximately $22,608 to $28,000 for educational programs in media arts, graphic design, fashion and culinary arts.
“We are delighted to add The Art Institutes to the list of higher education institutions located here at Town Center,” Lou Haddad, president and CEO of Armada Hoffler, said. “With the opening of this facility, four colleges will be offering adult education at the complex. This is consistent with our vision of a truly mixed-use destination.”
The project is being developed by Armada Hoffler Holding Company. The Town Center of Virginia Beach is located at the core of the City’s Central Business District at Pembroke. Spanning over 17 city blocks, The Town Center provides a mix of Class A office, multilevel upscale retail, deluxe residential, the Sandler Center for the Performing Arts and an array of cafes, restaurants and deluxe business hotels. The Town Center of Virginia Beach is leased by Divaris Real Estate Inc. and is managed by Divaris Property Management Corp.
The Art Institutes (www.artinstitutes.edu) is a system of over 40 education institutions located throughout North America, providing an important source of design, media arts, fashion and culinary arts professionals. Fifty-two new full-time and 20 part-time positions, including educators, administrators and support staff, will be created within 30 months of the school’s opening. The Art Institutes will make an initial capital investment of $8.4 million with an expected additional capital investment of $3.7 million over the next three fiscal years. The investment will be used to install new ventilation systems, mechanical upgrades, computer rooms, kitchen upgrades and an art gallery within the Two Columbus Center building.
Other office tenants in The Town Center of Virginia Beach include Armada Hoffler, Divaris Real Estate, Inc., Williams Mullen, Bank of America, Virginia Beach Economic Development Department, Cherry Bekaert & Holland, HBA Architecture & Design and Kimley-Horn and Associates, Inc.
The lease was negotiated by Michael Divaris, Vivian Turok, senior vice president of office leasing, and Krista Costa, sales and leasing associate of DRE’s Virginia Beach office, representing the Landlord. The Art Institutes was represented by Chris Joyner, executive vice president for Fischer & Company in Dallas, Tx.
Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte, N.C. and Rockville, Md. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 25 million square feet of prime office, retail and industrial space throughout the Mid-Atlantic and Southeastern states.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office 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.
April 21, 2009