OLYMPIA DEVELOPMENT CORPORATION

BREAKS GROUND ON CONVERGENCE CENTER III

              Virginia Beach, VA – Olympia Development Corporation is proud to announce that on October 10, 2006, construction began on Convergence Center III. 

              The third phase of the premier Convergence Center Office Park promises to emulate the successful design recipe of Convergence Centers I and II, while offering the latest technologies and a myriad of on-site amenities.  Already 30% leased, the 99,000 square foot, six-story architectural precast and reflective blue glass building will include a two-story atrium, granite lobby floors, and five parking spaces per 1,000 square feet. In addition to the elegant design, tenants of this Class A building will enjoy the convenience of an on-site property manager, the premier Gourmet Gang restaurant located within walking distance, and state-of-the-art fiber optic service and HVAC systems.   

With more than 1,500 linear feet of frontage on Interstate 264 in the Pembroke section of Virginia Beach, the first two phases of the office park were quick to become the location of choice for a number of high profile companies.  “The Convergence Center offers the marriage of a convenient location, natural beauty and elegant design,” explains Cecil V. Cutchins, president of Olympia Development Corporation. These buildings join the success of Resource Bank, also developed by Olympia and located next to the Convergence Center, and are all 100% leased.

              The construction team for this project includes:  KBS - general contractor; Urban Design Group of Atlanta, Georgia - Architect; United Construction - construction consultant; Speight, Marshall & Frances - structural engineers; and the Spectra Group - civil engineers.

Established in 1988, Olympia Development Corporation is a full service real estate company based in Virginia Beach, Virginia with operations that encompass the entire Hampton Roads market. The addition of Convergence Center III marks an exciting milestone for Olympia. With the building’s completion in November 2007, Olympia will have developed more than 1.5 million square feet of Class A Office Space valued in excess of $250 million.