Olympia Development Corporation Purchases

The Verizon Center

Premier Virginia Beach Office Structure is Back With its Builder

Olympia Development Repurchases and Will Completely Renovate

 Six-Story Former Verizon Building Fronting On I-264 near Newton Road

(Virginia Beach, June 27, 2011) For its first 18 years, it was the prestigious address for Verizon’s regional headquarters in southeastern Virginia.

Changes in the telecommunications industry, however, forced the phone company to downsize. Olympia Development Corporation, the Virginia Beach firm that built the six-story office structure with its exceptional location on I-264, has now repurchased it.  The company plans to renovate the 136,000-square foot building into a premier setting for tenants who desire quality space, service and attention to detail. 

              The former Verizon Center is considered one of Hampton Roads’ most attractive office buildings. Located at 5701 Cleveland Street, just off the I-264 Newtown Road exit, it offers an iconic landmark to westbound motorists as they approach the interchange with Interstate 64.

“The exterior has held up beautifully, but the common areas and air conditioning require upgrading,” says Cecil Cutchins, President of Olympia, which developed, owns and manages the Convergence Center on Bonney Road in the Central Business District.  “We intend to refurbish all six floors and replace aging base building equipment, creating an environment similar to Convergence Center, which is the premiere office park in the region.”

Olympia sold the Cleveland Street building in 1992 to a private investor while continuing providing daily management.  The investor decided to part with the real estate holding this year, which created an opportunity for Cutchins to buy the 7.5-acre site and building.

“While the office market is currently soft,” says Cutchins, “the demand for premier space is not. We intend to spend a significant amount to renovate and build to-suit suites for tenants’ needs, whether they are attorneys, CPA’s, physicians or other office users.”

              Olympia will continue to lease and manage the property.  “We have the best team in the market,” says Cutchins. “No one is more responsive to the needs of our clients or invests more to keep a property looking its best.” Cecil V. Cutchins, Jr. (Chip), brokered the transaction on behalf of the buyer and seller.

For additional information, contact: Allison Watson, Olympia Development Corporation, 272 Bendix Road, Suite 120, Virginia Beach, Virginia, 23452.  (757)463-3600 or visit www.olympiadevelopment.com