By Scott Baltic, Contributing Editor
Insite Properties has broken ground on 3TWENTY3, a 120,000-square-foot, Class A office building in downtown Charlottesville, Va. Cushman & Wakefield | Thalhimer is the building’s exclusive leasing representative.
Sited at 323 Second St. SE, the property will consist of five floors of office space atop a four-story, 200-space parking structure. The project was designed by BB&M Architects, of Charlotte, N.C.
3TWENTY3 reportedly features the largest floor plates in the Charlottesville market. Amenities include a pedestrian plaza/walkway, a rooftop terrace with patio, a conference and event facility, electric car charging stations and indoor bike racks, as well as views of the Blue Ridge Mountains.
The general contractor is Batson-Cook Construction Co., of Atlanta, with Charlottesville resident Jay Kessler as project manager and owner representative. Completion is slated for spring 2020.
“Nearly three years ago, we identified the need and found the site in Charlottesville for 3TWENTY3, a premier location for a first-class, institutional-quality, large-floor-plate office project,” Jay Blanton, managing partner of Insite, said in a prepared statement. “The building itself will positively influence recruiting of talented professionals that value connectivity to the diversity offered by an urban setting.”
In April, international law firm McGuireWoods LLP leased 17,218 square feet at 3TWENTY3 for its relocated Charlottesville office.
Relief for a tight market
Charlottesville’s office market is extremely tight, especially downtown, with vacancy below 3 percent and rents rising, according to a fourth-quarter report from Cushman & Wakefield | Thalhimer.
The Charlottesville-Albemarle region has a population of more than 230,000 and saw its gross metropolitan product grow by 2.3 percent from 2016 to 2017.
In February, Cushman & Wakefield | Thalhimer represented the seller, Riverbend Development, in the sale of the 10,518-square-foot Pantops Plaza Shopping Center in Charlottesville.
Image courtesy of Insite Properties