Armada Hoffler secured a 12,000‑square‑foot lease at One Columbus Center in its Town Center of Virginia Beach portfolio, filling a space that had recently become available after the previous tenant vacated.
The new lease brings the office portfolio at Town Center to a 99% occupancy rate and carries a rent spread of nearly 7% over the prior tenant’s lease, adding a stable, recurring revenue source for the company.
The vacancy was created when the former tenant left the building, and the lease reflects strong demand for high‑quality office space in a mixed‑use environment. Armada Hoffler’s strategy to maintain high occupancy in the Hampton Roads region is reinforced by this transaction, which underscores the district’s appeal as a premier business address.
Armada Hoffler’s Q1 2024 results showed earnings per share of $0.17 and revenue of $61.88 million, beating analyst estimates. The company’s office occupancy in Q1 2024 was 93.6%, and the new lease contributes to the company’s goal of sustaining high occupancy and rental income in its flagship Town Center development.
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