Virginia Beach Department of Economic Development

AvalonBay to Expand by 17,509 Square Feet in Virginia Beach

January 15, 2013

AvalonBay Communities, Inc., an Alexandria, Va.-based company and one of the nation’s leading real estate investment trusts, announced plans to expand its Corporate Shared Services Center that opened in Virginia Beach in 2007. The company's expansion will increase its current office space by 17,509 square feet to a total of 39,700 square feet at 2901 Sabre Street.

The expansion will also allow the company to increase the number of jobs in the city by 85 to a total of 235.

“AvalonBay’s Virginia Beach location provides vital financial and management support for its corporate offices as well as apartment communities across the country,” said Warren Harris, director of Virginia Beach Economic Development. “One of the best validations a City can receive is when its businesses grow; AvalonBay’s expansion confirms that Virginia Beach is a powerful location for companies to grow and thrive.”

The company was awarded an Economic Development Investment Program grant in the amount of $25,000 based on the capital investment anticipated with the expansion of $1.4 million in addition to the number of new jobs.

AvalonBay’s office is in the Oceana West Corporate Park, part of the vibrant Lynnhaven Business District, with a mix of more than seven million square feet of office, light industrial, retail, service and hotel development.

AvalonBay was represented by the Hampton Roads office of Jones Lang LaSalle, a global real estate company.

AvalonBay Communities, Inc. is a real estate investment trust (REIT) focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States. These markets are in the Northeast, Mid-Atlantic, Pacific Northwest, Northern California and Southern California. As of September 30, 2012, the company owned or held a direct or indirect ownership interest in 205 apartment communities comprising 60,101 apartment homes in nine states and the District of Columbia, of which 22 communities were under construction and seven communities were under reconstruction. For more information, visit avalonbay.com.

The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 434,000 and is the 39th largest city in the United States. The City of Virginia Beach is recognized as the best run cities in America, by 24/7 Wall Street in 2012, and in 2011, Virginia Beach ranked number one for economic growth potential by Business Facilities. In 2012, the Department of Economic Development received re-accreditation through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. In 2011, the Department won an Award of Excellence for its marketing efforts from the International Economic Development Council. For more information, visit www.yesvirginiabeach.com.

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