Alan Nusbaum

Alan Nusbaum, Chairman of the Board

S.L. Nusbaum Chairman Alan Nusbaum said the Wachovia Center, which is 53% pre-leased, will be constructed on one of the few remaining plots of vacant land available downtown.He said the development will continue the northward progression of downtown's renaissance while serving as a catalyst for new development in that portion of the downtown area.

"We're excited about the project," Nusbaum said.

Norfolk's economy is benefiting from nonmilitary industries such as shipping and publishing, but Alan Nusbaum, chairman of S.L. Nusbaum, is also optimistic that Oceana will remain an integral part of the economy."I don't think it's going anywhere," he says.

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Alan NusbaumChairman of Board

Alan Nusbaum, S.L. Nusbaum Co.

Alan Nusbaum, Chairman of the Board
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Alan Nusbaum anusbaum@slnusbaum.com 1000 Bank of America Center One Commercial Place Norfolk, VA 23510 Tel: (757) 627-8611 Fax: (757) 640-2207

Alan Nusbaum Chairman of the Board

Alan Nusbaum, Chairman

Alan Nusbaum, chairman of S.L. Nusbaum Realty, which is developing the property, said LTD will lease 25,000 square feet and bring the occupancy rate of the building to 68 percent.

"There's never been an office building in Norfolk that's been 68 percent leased before starting construction, at least not in my lifetime," Nusbaum said.

"We're dealing with other prospects and hope to have other announcements soon. But to be at this point this soon is very comforting."

Nusbaum said Wachovia Bank, the anchor tenant, will finance the project.

LTD managing partners Harry K. Thakkar and Dilip R. Desai had planned to relocate from Chesapeake to a new office park in suburban Norfolk but said Nusbaum called them a week ago and asked them to move downtown.
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Thakkar said the fact that Nusbaum is a family-owned businesses was an attraction.