The Hoffman family has sold a 2.03-acre development site in Hoffman Town Center in Alexandria, Va., which will become the National Science Foundation headquarters, to USAA Real Estate Company, according to the seller’s representative Newmark Grubb Knight Frank (NGKF). The sale brings to life the original vision put forth by Hubert Hoffman to create a dynamic, master-planned entertainment, business and residential mecca in the once-sleepy Eisenhower Valley.
The Class A, 704,571-square-foot NSF building will include two interconnected towers, 19 stories and 14 stories, respectively, 375 parking spaces on three underground levels, and 19,437 square feet of retail space. The NSF will occupy 94 percent of the building and has preleased it for 15 years through the General Services Administration. The office property is expected to be completed in late 2016. USAA Real Estate, which acquired the site on behalf of an affiliate, will actively seek LEED Silver Commercial Interiors Certification for the building, which is also designed to achieve Energy Star Rating within 18 months of occupancy.
“We are thrilled that National Science Foundation is coming to Hoffman Town Center,” said family member Jay Hoffman. “It has always been the mission to create an urban, mixed-use development that could serve as a key employment and entertainment hub in Alexandria and it is fulfilling to see that we’re accomplishing that.”
One of Alexandria’s largest retail and entertainment centers, Hoffman Town Center comprises more than 7 million square feet of building area spread over 56 acres. The center features a true urban mix of office space, retail, dining and entertainment venues, hotel facilities and residential opportunities. It is located next to the Eisenhower Avenue Metro Station, five miles from Reagan National Airport and within three blocks of the U.S. Patent and Trademark Office campus and the U.S. Federal District Courthouse. When completed in 2020, it will include 3.5 million square feet of Class A office space in 10 buildings; 1.5 million square feet of housing in four residential towers; two full-service hotels; 220,000 square feet of retail stores and restaurants; and a 22-screen AMC Theater.
Brendan Owen, chairman of NGKF’s Metropolitan Washington Asset Services, is heading up the marketing efforts for other investment and leasing opportunities at Hoffman Town Center. They include:
• Lease space at the brand new 2461 Eisenhower, a 350,000-square-foot Class A office tower
• Lease space at 200 South Stovall Street, a 640,000-square-foot office building
• Investment at Hoffman Towers Block 11 site, which is a trophy-quality, shovel-ready development of 642 apartments and a 50,000-square-foot Harris Teeter supermarket.
“The opportunities at Hoffman Town Center are plentiful and with the commitment from NSF, and the backing of such a prominent institutional owner in USAA, the foundation for this project is very strong,” said Mr. Owen. “I also can’t say enough about the Hoffman family’s dedication to this project and the foresight to create such a vibrant environment.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.