Hagy

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Date published: 11/8/2007

BY CATHY JETT

The Fredericksburg Regional Alliance's efforts to attract large commercial real estate firms are starting to pay off.

Atlanta-based GVA Advantis, one of the biggest such businesses in the Southeast, is opening its fifth Virginia office in Uptown Central Park in Fredericksburg.

"One of our focuses is to get the attention of real estate brokers in those firms because the more knowledge they have about this area, the better the chance we have of being considered for deals," said Jeff Dowdell, the FRA's director of marketing and business recruitment.

While several large commercial real estate companies such as Grubb & Ellis and C.B. Richard Ellis already do business in the Fredericksburg area, this is the first time one of them has opened an office here, he said.

"The fact that they're coming here further validates the strength and growth of our market," said Gene Bailey, the FRA's president.

GVA Advantis, which is part of GVA Worldwide, leases, manages and sells office, industrial, retail and other commercial real estate properties and sites. It also provides tenant representation and corporate real estate, construction and project-management services.

The company has been doing business in the Fredericksburg area through its Richmond, Tysons Corner and Washington offices for some time. It finally decided the area's demographics justified locating here, said J. Andrew Hagy, who will head the Fredericksburg office.

Not only has the labor pool grown, he said, but more businesses and government agencies are interested in the area because of base realignments and a desire to locate 50 miles outside of Washington in case of a nuclear or biological attack.

Office space also is cheaper than in the metro Washington area. Fredericksburg's lease rate per square foot is $23.65, less than DC's $45.67 and Northern Virginia's $30.10 but higher than Richmond's $17.64, according to Bailey.

"We hope to help put Fredericksburg more and more on the map," Hagy said. "Internally, it's good for our people to know we have an office there. They can tell a client of 20 years, 'As a matter of fact, we have an office in that region if you're interested.'"

Date published: 11/8/2007