Apr 16 2015
Merritt Properties announced today that it has entered into a tri-party agreement with GEICO and Akridge that provides for the development of a 32,675-square-foot office and training facility in Ashburn, Virginia. The new building will serve as the company’s Claims training center, replacing their facility in Tysons Corner.
Located at 20193 Ashbrook Place, the single-story, build-to-suit project will be constructed on approximately three acres of land within Merritt’s Ashbrook business park. The lot and building will be owned by GEICO. Jeff Groh and Michael Blyumin from JLL represented GEICO and Joseph Svatos represented Akridge in the real estate transaction. Akridge’s Andrei Ponomarev will represent GEICO in the development and construction phase of the project.
GEICO, the second-largest private passenger auto insurance company in the United States, is relocating their current training facility in Tysons Corner to Ashburn in what will be a new facility designed and built specifically to meet their needs. The state-of-the-art building will include a number of classrooms for the training of their claims adjusters, who will travel from all over the country to participate in this program. The training also provides hands-on experience with accident vehicles, which will take place in the facility’s working labs and garages.
The agreement between GEICO, Merritt and Akridge for this build-to-suit project was made possible with the help of Loudoun County’s Fast Track for Priority Commercial Development program, which is designed to streamline the development process by providing a central point of contact, process certainty and reduced approval times. Details about the program are available at biz.loudoun.gov.
“This program was developed in partnership between the Loudoun County government and private businesses to encourage commercial growth by creating a business-friendly environment and assisting with commercial development opportunities that enhance the tax base,” said Merritt’s Michael Larkin, who sat on the advisory committee and assisted with the program’s creation. “We are glad to see that it is actively being put to use.”
The Loudoun County Board of Supervisors Chairman Scott K. York said, “Loudoun’s Fast-Track program has cut the site plan review process down to an average of two months. This allows companies like GEICO to get their Loudoun operations up and running that much faster. We applaud the investment GEICO is making in Loudoun, and we welcome the company and their employees to our community.”
Source: http://www.merrittproperties.com/