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News release

NORFOLK

JLL Property Management Hired for 824 North Military Highway in Norfolk

JLL’s integrated platform differentiates Property Management team in win


NORFOLK, March 24, 2017- JLL today announced the Hampton Roads Property Management team was selected to manage 824 North Military Highway in Norfolk. The property, located along the Military Highway Corridor, is under renovation for office occupancy and exemplifies the city's long-term commitment and dedication to economic development.

"JLL's offerings and knowledge of 824 North Military – from their leasing services to project management – are what differentiated the team and assisted us in our hiring decision. The team understood both the property and its challenges, and they are committed to our goal of being a catalyst of change in Norfolk," says Chuck Rigney, Executive Director of the Norfolk Economic Development Authority.

824 North Military Highway is at the frontline of a new vision for the future revitalization of the Military Highway Corridor. The City of Norfolk is collaborating with stakeholders and citizens in a vision to transform the Military Circle and Military Highway area into a vibrant, walkable new urban center.

"We are thrilled to be a part of the revitalization of the Military Highway Corridor," says Emily Hueber, Vice President, JLL Property Management team lead at 824 North Military Highway. "Our property management team is best in class and our commitment to growth is aligned with the city's interest."

JLL's Tenant Representation and Project and Development Services teams initially consulted with the Norfolk Economic Development Authority (EDA) to convert the former JCPenney space to an office building, and after an in-depth analysis, determined the space was functional for office use and quickly moved to the RFP process. Movement Mortgage will occupy 100 percent of the first floor in May, 2017.

 JLL was retained to secure additional tenants for the second floor. Subsequently, JLL's Property Management team responded to the RFP for property management and was selected for the assignment. Management of the project will begin immediately.

The recent announcements of the state's second IKEA location and Norfolk Simon Premium Outlet Center with 90 new stores to be located nearby will drive traffic to the area. The city has also identified potential to extend light rail service to the areas and support mixed-use along Military Highway for greater density. Additionally, the relocation of Movement Mortgage will bring 600 to 750 jobs to this well-located, easily accessible location.

"The addition of jobs is a differentiator for the area," says Deborah Stearns, Senior Vice President, JLL. "Attracting a strong labor foundation is an important initiative in Norfolk and this location is central to future development in the city.  We are pleased to welcome Optima Health to the property who will add 200 jobs to service a recently won contract – bringing the leasing of 824 North Military to 75 percent. The EDA of Norfolk deserves a lot of credit for taking charge of an exceptional opportunity when they purchased the property. JLL is proud to be part of this exciting and dynamic project. " 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.