Armada Hoffler Completes Full-Floor Office Lease at Town Center of Virginia Beach

Town Center of Virginia Beach Office Market - Occupancy of Town Center of Virginia Beach's 800,000 square feet of office space increased from 95% at the end of Q3 2024 to 98% at the end of Q4 2024 [2] - Over 110,000 square feet of new office leases and renewals were completed in 2024 alone [2] - Overall office rental rates have increased by 20% since 2020, reflecting the high quality of office assets and premier location [2] Armada Hoffler and Trader Interactive Lease - Trader Interactive leased a full 12,000-square-foot floor at Armada Hoffler's flagship mixed-use development [6] - The lease established a new benchmark for office rent per square foot at Town Center of Virginia Beach [1] - Trader Interactive will occupy the top floor of the 222 Central Ave building, previously occupied by Armada Hoffler [7] - Armada Hoffler relocated and consolidated its team's space to meet the significant demand for office space in Town Center of Virginia Beach [7] Armada Hoffler Tower Details - The 23-story Armada Hoffler Tower features 324,000 square feet of office space, 38,500 square feet of street-level retail space, and a nine-story parking garage [3] - Six office tenants have remained in the building since its 2003 opening [3] - The building is home to the North American headquarters of CAR Group Ltd, a publicly-traded international firm with over $8.5 billion in market capitalization [3] Trader Interactive Overview - Trader Interactive connects buyers and sellers in the lifestyle vehicle and commercial equipment industries through leading online marketplaces [8] - The company reaches over 17 million monthly visitors through its renowned "Trader" brands, including Cycle Trader, RV Trader, Equipment Trader, Commercial Truck Trader, and Boatmart [8] Town Center of Virginia Beach Mixed-Use District - The mixed-use district includes 620,000 square feet of retail space, 800,000 square feet of office space, and 760 apartments spanning 17 blocks and 25 acres [9] - The development is a successful public-private partnership with the City of Virginia Beach [9] Armada Hoffler Company Overview - Armada Hoffler is a vertically integrated, self-managed REIT with over four decades of experience in developing, building, acquiring, and managing high-quality office, retail, and multifamily properties [4] - The company also provides general construction and development services to third-party clients [5]