Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it was selected as the developer for a new office and manufacturing building for Oceaneering International, Inc. The facility will be built on 18 acres in the Greenbrier area of Chesapeake, Virginia.
Armada Hoffler is expected to begin construction on the 154,000 square foot building in the fourth quarter of 2013 with an expected completion date in early 2015. The Company facilitated this public/private transaction among the City of Chesapeake, the Commonwealth of Virginia and Oceaneering. Serten Advisors, LLC served as real estate consultant for Oceaneering in the transaction. This new facility will serve as Oceaneering’s operational base in Virginia and support its engineering, manufacturing and administrative functions in the area. Oceaneering has signed a 15-year lease with Armada Hoffler.
“This is just the latest example to add to our well-established track record of forging partnerships between and among public and private entities,” said Tony Nero, Armada Hoffler’s President of Development.
“As evidenced by this project, our longstanding presence in our target markets provides us with significant advantages in sourcing and executing development opportunities, identifying and mitigating potential risks and negotiating attractive pricing,” said Lou Haddad, President and Chief Executive Officer of Armada Hoffler.
About Oceaneering International, Inc.
Oceaneering International, Inc. is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries. Oceaneering’s business offerings include remotely operated vehicles, built-to-order specialty subsea hardware, deepwater intervention and manned diving services, non-destructive testing and inspection, and engineering and project management.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.