OLYMPIA DEVELOPMENT CORPORATION

BREAKS GROUND ON CONVERGENCE CENTER IV

              Virginia Beach, VA – Olympia Development Corporation is proud to announce that on June 19, 2008, construction began on Convergence Center IV. 

              The fourth phase of the premier Convergence Center Office Park promises to emulate the successful design recipe of Convergence Centers I, II and III while offering the latest technologies and a myriad of on-site amenities.  Already 27% leased, the 89,000 square foot, five-story brick and reflective green glass building will include a two-story atrium, stone lobby floors, and a three-story parking deck providing abundant adjacent covered parking.  In addition to the elegant design, tenants of this Class A building will enjoy the convenience of an on-site property manager, the premier Gourmet Gang restaurant located within walking distance, and state-of-the-art fiber optic service and HVAC systems.   

With more than 1,500 linear feet of frontage on Interstate 264 in the Pembroke section of Virginia Beach, the first three phases of the office park were quick to become the location of choice for a number of high profile companies.  “The Convergence Center offers the marriage of a convenient location, natural beauty and elegant design,” explains Cecil V. Cutchins, president of Olympia Development Corporation. These buildings join the success of Fulton Bank, also developed by Olympia and located next to the Convergence Center.

              The construction team for this project includes:  J.B. Denny Company - general contractor; Urban Design Group of Atlanta, Georgia - Architect; United Construction - construction consultant; Speight, Marshall & Frances - structural engineers; and the Spectra Group - civil engineers.

Established in 1988, Olympia Development Corporation is a full service real estate company based in Virginia Beach, Virginia with operations that encompass the entire Hampton Roads market. The addition of Convergence Center IV marks an exciting milestone for Olympia. With the building’s completion in May 2009, Olympia will have developed more than 1.5 million square feet of Class A Office Space valued in excess of $350 million.   

For additional information, contact:

Allison Watson

Leasing & Marketing

Olympia Development Corporation

272 Bendix Road, Suite 200

Virginia Beach, VA 23452

(p) 757-463-3600 / (f) 757-463-3722

www.olympiadevelopment.com