AvalonBay Communities, Inc., an Alexandria, Va.-based company and one of the nation’s leading real estate investment trusts, announced plans to expand its Corporate Shared Services Center that opened in Virginia Beach in 2007. The company's expansion will increase its current office space by 17,509 square feet to a total of 39,700 square feet at 2901 Sabre St.
The expansion will also allow the company to increase the number of jobs in the city by 85 to a total of 235, with a combined payroll of $7.6 million.
“AvalonBay’s Virginia Beach location provides vital financial and management support for its apartment communities across the country,” said Warren Harris, director of Virginia Beach Economic Development. “It has made a significant investment in our city not only in terms of its physical size, but also in its investment to hire and train a very competent workforce.”
The company was awarded an Economic Development Investment Program grant of $25,000 based on the capital investment anticipated with the expansion of $1.4 million, in addition to the number of new jobs.
“We are very excited to expand our operations here,” said Steve Fabian, vice president of AvalonBay. “We have had tremendous success in Virginia Beach since we opened the Customer Care Center in 2007. In particular, we have been able to identify and attract quality talent to grow our operations. This expansion represents our ongoing commitment to the Virginia Beach area. We have also significantly benefitted from our partnership with the Virginia Beach Department of Economic Development, which has assisted us every step of the way.”
AvalonBay’s office is in the Oceana West Cor¬porate Park, with a mix of more than 7 million square feet of office, light industrial, retail, service and hotel development.
AvalonBay Communities, Inc. is a real estate investment trust focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States. These markets are in the Northeast, Mid-Atlantic, Pacific Northwest, Northern California and Southern California. As of Sept. 30, the company owned or held a direct or indirect ownership interest in 205 apartment communities comprising 60,101 apartment homes in nine states and the District of Columbia, of which 22 communities were under construction and seven communities were under reconstruction. For more information, visit avalonbay.com.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 434,000 and is the 39th largest city in the United States. The City of Virginia Beach is recognized as the best run cities in America, by 24/7 Wall Street in 2012, and in 2011, Virginia Beach ranked number one for economic growth potential by Business Facilities. In 2012, the Department of Economic Development received re-accreditation through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. In 2011, the Department won an Award of Excellence for its marketing efforts from the International Economic Development Council. For more information, visit www.yesvirginiabeach.com.