Armada Hoffler Secures New Tenant at Its Virginia HQ

January 4, 2024

With this new deal, the property's occupancy rose to 98 percent.

Armada Hoffler Properties has signed a new office lease at Armada Hoffler Tower, the 362,500-square-foot Class A office building in Virginia Beach, Va., that also serves as its corporate headquarters. KPMG LLP, a U.S. audit, tax and advisory firm, committed to 13,044 square feet, bringing the property’s occupancy rate to 98 percent. Divaris Real Estate represented the landlord, while Cushman & Wakefield | Thalhimer negotiated on behalf of the tenant.

The company’s new location will accommodate more than 160 employees, said KPMG Managing Partner Jason Kies in prepared remarks. Other tenants at the property include AW Financial Partners, AECOM Services Inc., Cushman & Wakefield and Morgan Stanley, among others, according to CommercialEdge.

Completed in 2002 at 222 Central Park Ave., Armada Hoffler Tower is a 23-story office building that includes 38,500 square feet of ground-level retail space, an on-site conference room, a fitness center and 1,284 parking spots spread across a nine-story structure, the same source shows.

Armada Hoffler Tower rises on approximately 2 acres within Town Center of Virginia Beach, a mixed-use property that comprises 620,000 square feet of retail space, 760 apartment units and a total of 800,000 square feet of office space. Located close to multiple bus stops, the high-rise is 8 miles from Norfolk International Airport, 9 miles from Vibe Creative District and within 10 miles of downtown Norfolk, Va.

Divaris Real Estate’s team of Senior Vice President Vivian Turok, President Michael Divaris and Executive Vice President Krista Costa negotiated on behalf of Armada Hoffler.

Office leasing in Hampton Roads

The Hampton Roads office market has seen a 8.3 percent vacancy rate in the third quarter of 2023, according to a Cushman & Wakefield report. The index was down 10 basis points from the previous quarter.

Significant leases in the metro include Venture X’s 18,543-square-foot agreement with HMP Properties to open a coworking space in Chesapeake, Va. Cushman & Wakefield | Thalhimer brokered the deal on behalf of the tenant.