March 07 2017
ALLEGIANCY SNAGS THE DEAL AS THE ASSET MANAGER OF A CLASS A OFFICE BUILDING IN NORFOLK, VA.
Richmond, Va., March 7th, 2017 — Allegiancy is pleased to announce it has won the Asset Management contract of Riverside Corporate center, 150 Corporate Blvd., a Class A Office located in Norfolk, VA. Originally built in 1994 for the FBI and fully renovated for the current tenant, PRA Group, Inc. (NASDAQ:PRAA) in 2015.
150 Corporate comprises 158,000 square feet, of leased space. PRA Group currently fully occupies the four buildings that form Riverside Corporate Center. The structure boasts direct access to Interstate 264 and major transportation arteries. A pronounced feature of this property is an on-site light rail station. The quality residential and dense retail amenities make Corporate Boulevard Office Park a highly desirable location in the growing Norfolk market.
PRA Group, based in Norfolk, invested $2 million to remodel and added 28,000 square feet of office space to house about 100 information technology employees. Cutting-edge expansions of PRA Group Norfolk headquarters will support the company’s long-term growth.
Allegiancy is thrilled about the stunning new renovations. They plan to manage this property in a lucrative way that benefits the investors while maintaining the exceptional quality of the asset.
Allegiancy is changing the business of asset management for commercial real estate owners and investors with radical specialization. With a technology-enabled operating platform and singular focus on serving as the owners’ advocate, the company brings fresh vigor and unparalleled discipline to a poorly understood business. Combining its proactive Value Assurance operational rigor with an intense focus on cash flow and profitability, Allegiancy is leveraging the experience of its principals of more than four decades of success.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon REVA’s (the “Company”) present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements.