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Rappaport Press Release

The Free Lance-Star moving to Central Park Corporate Center

Fredericksburg, VA

8/2/2016

Lease signals a turning point in center’s re-development

Fredericksburg, VA -- Rappaport’s $2.6 million overhaul and rebranding of the Central Park office park has helped the McLean-based company land the development’s largest tenant to date.

After 131 years in downtown Fredericksburg, The Free Lance-Star newspaper will move its headquarters to the newly renovated Central Park Corporate Center in December.

Over the past 10 years, building owner Rappaport has renovated and rebranded the complex – previously known as Uptown – to the Central Park Corporate Center. Rappaport has invested $2.6 million to renovate and transform the five-building, 228,598-square-foot complex from one focused on restaurant and retail tenants into a professional, class A office park. The FLS’s 18,700-square-foot lease is significant in the market and signals Fredericksburg’s ability to attract office users with modern office space surrounded by amenities.

Fredericksburg is 50 miles south of Washington and 50 miles north of Richmond. Many area residents commute to the two cities, which Rappaport saw as an opportunity.

In addition to the Central Park Corporate Center, Rappaport owns 442,920 square feet of retail within Central Park, one of the East Coast’s largest power retail centers with more than 200 retailers, restaurants and service providers. Since acquiring the combined 671,518 square feet of retail and office in 2003, Rappaport has invested $8.3 million in renovating the development.

“We are truly honored that FLS will call Central Park Corporate Center home,” said Henry Fonvielle, President of Rappaport. “We have created a professional yet comfortable environment their employees will enjoy- in the center of it all.”

In 2015, Rappaport updated and renovated the common areas of the office buildings, including lobbies and hallways. They also reconfigured office spaces and provided other cosmetic upgrades. Heavy demolition is under way to renovate the former That’s Amore restaurant space to fit the news, advertising, circulation and supporting departments of The Free Lance-Star along with 100-plus employees. Rappaport is spending approximately $1.2 million to renovate the FLS space.

Jamie Scully and Sharon Schmidt of Cushman & Wakefield | Thalhimer represented Rappaport in this transaction and Ben Keddie and Heather Hagerman of Coldwell Banker Commercial Elite represented The Free Lance-Star. Scully said the FLS lease is one of the largest leases in the local market in recent years, and he expects more to come for the office park.

“We expect that this relocation by The Free Lance-Star will highlight the opportunity here and attract more businesses to the Central Park Corporate Center,” Scully said. “It's THE place for professionals, offering convenient access to Interstate 95, hundreds of nearby retailers and amenities, abundant parking with modern, renovated, and professionally managed facilities.”

Fredericksburg’s Economic Development Authority provided the FLS with a $25,000 grant to help the company relocate to the Central Park Corporate Center.

“It was important to us that the newspaper remain in the City of Fredericksburg, and we were glad to play a role in helping Rappaport bring the FLS to the Central Park Corporate Center,” said Bill Freehling, interim director of Fredericksburg’s Department of Economic Development and Tourism. “We think the Central Park Corporate Center will be a terrific home for the FLS, and we think the lease will attract additional companies to the center.”


With a population of over 345,000, the Fredericksburg region has been the fastest-growing region in the Commonwealth of Virginia for the past eight years.

The Central Park Corporate Center has increased occupancy by 12 percent since 2013, a time during which many office parks have struggled to attract tenants. This momentum was also experienced by Regus- a tenant who opened operations in 2015- and has already achieved 95% occupancy of their rental office suites. The Free Lance-Star will join a growing tenant base that includes government contractors and government agencies, medical providers, and national insurance and lending establishments. Scully and Schmidt are actively marketing the remaining Central Park Corporate Center suites, which range from under 1,000 to 13,000 square feet.

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ABOUT RAPPAPORT
For more than 30 years, Rappaport has provided the Washington, D.C., area with professional real estate services centered primarily on the retail and ancillary office segment. Founded in 1984 by Gary D. Rappaport, Rappaport owns and develops shopping centers and provides retail leasing, tenant representation, property management, receivership, bankruptcy trustee management and construction management services for retail space in shopping center and mixed-use properties throughout Washington, D.C., Maryland and Virginia. Rappaport’s portfolio totals more than 15.5 million square feet of retail space in urban and suburban locations. For more information, visit www.rappaportco.com.

ABOUT CENTRAL PARK CORPORATE CENTER
Central Park Corporate Center offers Class A Office Space and is strategically located within Central Park and surrounded by more than 200 retailers, restaurants and services. With immediate access to I-95 (Exit 130-B), Central Park is convenient to the entire Fredericksburg region as well as Northern Virginia and the Richmond Metro area. Central Park is also within minutes of the Fredericksburg Expo & Conference Center, Celebrate Virginia South and major hotels. For more information, visit www.shopatcentralpark.com

ABOUT THE FREE LANCE-STAR
The Free Lance-Star, in Fredericksburg, Va., includes The Free Lance-Star daily newspaper; Fredericksburg.com; and a commercial printing facility, Print Innovators. For more than 140 years, the company has developed a reputation for integrity, credibility and innovation in this region and throughout the media industry. For more information, visit www.fredericksburg.com.