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Virginia-Based Company Lingerfelt Development Begins Demolition Of Biotech 3 Building To Make Way For 300,000 Square-Foot $100 Million Complex For Health Diagnostic Laboratory, Inc.

Lingerfelt Development, headquartered in Richmond, Virginia (www.LingerfeltCo.com), announces it has begun demolition on the BioTech 3 building within the 34-acre Virginia BioTechnology Research Park in downtown Richmond to make way for Phase I and Phase II construction of the BioTech 8 building. Once completed, this three-building headquarters complex for Health Diagnostic Laboratory, Inc. (HDL, Inc.) will total 300,000 square feet and be valued at $100 million.

This facility is part of an expansion project for HDL, Inc., a fast-growing CLIA-certified and CAP accredited clinical laboratory that is adding hundreds of jobs in downtown Richmond.

Phase I of the project is a six-story, 112,000 square-foot wet lab biotechnology building and a two-story expansion of 185 additional parking spaces. The parking facilities will be connected by a two-story, fully built-out lab that bridges HDL, Inc.’s existing building and the new Phase I building being constructed and scheduled for completion December 2012. In 2013, Phase II of the project will add an additional six-story, 112,000 square-foot tower. Upon completion, both of the six-story towers and HDL, Inc.’s existing building will total 300,000 square feet with a four- story, 485-space parking deck.

Principal Ryan Lingerfelt states, “We are pleased to assist HDL. Inc. with their expansion needs. We feel the timing is right in this development cycle to maximize opportunities of growth markets presented in the health care sector and also Class A office buildings.”

Lingerfelt is no stranger to health-related developments in Virginia having recently completed OthoVirginia building, a $25 million, 70,000 square foot medical facility for West End Orthopaedic Clinic and HCA Virginia’s CJW Medical Center; the VCHA & CCNV Healthcare Office Building Headquarters near Innsbrook Corporate Center, a two-story, 25,268 square-foot building; and the 100,000 square foot Bon Secours Heart Institute.

In addition, two weeks ago Lingerfelt Development acquired three Class A commercial office buildings in the Richmond, Virginia Boulders Office Park totaling nearly 300,000 square feet. These announcements for Lingerfelt Development follow the $110 million acquisition of 14 properties totaling nearly one million square feet in the Innsbrook Corporate Park and surrounding areas also located in Richmond, Virginia in May 2011. In less than two years, Lingerfelt has added over 1.5 million gross square feet of office and healthcare-related properties and over $200 million in real estate acquisitions and development to its portfolio.

Spanning three generations and over 50 years of real estate history, the Lingerfelt family has built and acquired in excess of 11 million square feet of medical and professional office, industrial, data and call centers, emergency care centers, elderly housing, nursing homes and multifamily developments in the eastern United States including Virginia, Washington, D.C., Maryland, North Carolina, South Carolina, Illinois, Tennessee, Alabama, Georgia and Florida. Clients consist of major corporate and government tenants, including many Fortune 500 companies.

Figure 1 BioTech Complex For HDL, Inc.

In the Virginia Biotechnology Research Park in Downtown Richmond. Upon completion, two six-story towers and HDL, Inc.'s existing building will total 300,000 square feet with a four-story 485 space parking deck.