Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it was
selected as the developer for a new office and manufacturing building
for Oceaneering International, Inc. The facility will be built on 18
acres in the Greenbrier area of Chesapeake, Virginia.
Armada Hoffler is expected to begin construction on the 154,000 square
foot building in the fourth quarter of 2013 with an expected completion
date in early 2015. The Company facilitated this public/private
transaction among the City of Chesapeake, the Commonwealth of Virginia
and Oceaneering. Serten Advisors, LLC served as real estate consultant
for Oceaneering in the transaction. This new facility will serve as
Oceaneering’s operational base in Virginia and support its engineering,
manufacturing and administrative functions in the area. Oceaneering has
signed a 15-year lease with Armada Hoffler.
“This is just the latest example to add to our well-established track
record of forging partnerships between and among public and private
entities,” said Tony Nero, Armada Hoffler’s President of Development.
“As evidenced by this project, our longstanding presence in our target
markets provides us with significant advantages in sourcing and
executing development opportunities, identifying and mitigating
potential risks and negotiating attractive pricing,” said Lou Haddad,
President and Chief Executive Officer of Armada Hoffler.
About Oceaneering International, Inc.
Oceaneering International, Inc. is a global oilfield provider of
engineered services and products primarily to the offshore oil and gas
industry, with a focus on deepwater applications. Through the use of its
applied technology expertise, Oceaneering also serves the defense,
entertainment, and aerospace industries. Oceaneering’s business
offerings include remotely operated vehicles, built-to-order specialty
subsea hardware, deepwater intervention and manned diving services,
non-destructive testing and inspection, and engineering and project
management.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company
with extensive experience developing, building, owning and managing
high-quality, institutional-grade office, retail and multifamily
properties in attractive markets throughout the Mid-Atlantic United
States. The Company has elected to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes.
Forward-Looking Statements
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statement. For a description of factors that may cause
the Company's actual results or performance to differ from its
forward-looking statements, please review the information under the
heading “Risk Factors” included in the Company's final prospectus
related to its initial public offering (IPO), which was filed with the
Securities and Exchange Commission on May 9, 2013, and other documents
filed by the Company with the Securities and Exchange Commission.
Copyright Business Wire 2013