Diversified Realty Ventures leases to FEMA in Virginia
Diversified Realty Ventures (DRV) of Richmond, Virginia has signed a short-term 17,500 square foot lease with the Federal Emergency Management Agency (FEMA) at Deep Run III, a 383,000 square foot class A office building in the Richmond suburb of Glen Allen.
Located at 9954 Mayland Drive just off Interstate 64, the six-story Deep Run III building (pictured) was part of Circuit City’s headquarters complex until the firm declared bankruptcy in 2008.
DRV acquired the building in late 2011 in a joint venture with Markel/Eagle Partners of Richmond.
Since the acquisition, the ownership has been planning major renovations, now scheduled to begin in the third quarter of 2012, and targeting nationally known corporations for future anchor tenancy.
FEMA’s presence in Richmond will provide a base of operations to serve the central Virginia area. DRV executed the lease in less than a week, represented by Mark Douglas and Austin Newman of Cushman & Wakefield.
“We are pleased to assist FEMA in broadening its footprint in Richmond so that they can fulfil their mission in serving the people of central Virginia,” said W. Spilman Short, Jr., DRV principal. “We all have had the opportunity to appreciate FEMA’s critical role in response to natural disasters.”
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