Huntington Ingalls Signs Huge Lease in Hampton
- Apr 10, 2015
Huntington Ingalls Industries is expanding in the Hampton Roads area. The shipbuilding company has signed a lease for more than half a million square feet in West Park.
HII will move into two office and warehouse buildings at 300 and 500 West Park Lane in Hampton. The properties are owned by Boston-based High Street Equity, and offer a total of 515,486 square feet of space. HII will use this space as a warehouse.
PropertyShark reports that 500 West Park Lane was built in 1999. It consists of 40,000 square feet of office space and 217,768 square feet of climate-controlled light manufacturing space. Completed in 2000, 300 West Park Lane includes 6,140 square feet of office space and 251,218 square feet of heated warehouse space.
Clay Culbreth of Cushman & Wakefield | Thalhimer represented HII in the lease negotiations. Worth Remick, Ashton Williamson and Chamie Burroughs of CBRE|Hampton Roads represented the landlord.
According to CBRE’s latest market report, industrial vacancy in the Hampton Roads area dropped to 7.4 percent by the end of 2014, thanks to 445,828 square feet of positive absorption in the fourth quarter. During the same period, the average asking rent reached $4.64 per square foot.
Photo courtesy of Cushman & Wakefield | Thalhimer.