NORFOLK, VA., Feb. 25, 2019 (GLOBE NEWSWIRE) -- Transwestern today announces it has expanded its operations to Norfolk, Virginia, to meet growing demand for real estate advisory services in southern Virginia. This is the company’s fifth office in the Mid-Atlantic region, through which Transwestern Commercial Services (TCS) provides Agency Leasing, Occupier Solutions, Capital Markets and Asset Services to owners and occupiers of all types of commercial real estate. The team was recently awarded management of a 1.64 million-square-foot portfolio of industrial and office properties in Norfolk by DSC Partners LLC.
“Southern Virginia is increasingly a target market for investors, and we are committed to providing unmatched service anywhere our clients have real estate needs,” said Tom Lawyer, President of TCS. “With the support and expertise of our existing team members in Virginia, Washington, D.C., and Maryland, the timing is right for Transwestern to expand its footprint in the region.
Norfolk has one of the most stable economies in the country, with 3.3 percent unemployment as of December 2018, below the national average of 4.0 percent. Procurement spending, which helps drive the economy, jumped 16 percent during the past two years. With the U.S. Department of Defense being the largest employer in the area, spending is projected to remain elevated. A healthy economy, coupled with the market’s low vacancy rate, have made Norfolk an increasingly important target for real estate capital.
Transwestern has a longstanding relationship with DSC Partners and a proven track record of consistent and innovative property management services, all of which contributed to DSC Partners’ decision.
“We are pleased to expand our relationship with DSC Partners,” said Keith Foery, Executive Managing Director. “Transwestern’s innovative approach reflects our unique culture; it is the foundation upon which we will drive value for DSC and its tenants and establish Transwestern’s reputation as the leading real estate firm in Southern Virginia.”
Vice President Larry Kates, who is responsible for managing 2.4 million square feet of industrial space in Northern Virginia, oversees the DSC portfolio and management team. TCS’s new office at 816 Greenbrier Circle in Chesapeake houses additional team members responsible for daily operations at the properties.
ABOUT TRANSWESTERN COMMERCIAL SERVICESTranswestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT TRANSWESTERNThe Transwestern enterprise comprises diversified real estate services, investment management and development companies. The privately held, fully integrated organization leverages competencies in office, industrial, retail, multifamily and healthcare to add value for investors, owners and occupiers of real estate.
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