Friedman Real Estate has completed the sale of a technology-focused office property in Newport News, Virginia, on behalf of a private investor. The asset, known as the Technology Center, totals 81,426 square feet and is located at 813 Diligence Drive. The building traded to Cove Capital, which acquired the property for $13.4 million.
Derek DeLaura and Andreanna Grillo of Friedman Real Estate represented the seller in the disposition. The duo advised the private investor through the marketing and sale process, culminating in the closing with Cove Capital. Brian Brockman of Bang Realty served as the in-state broker on the transaction.
The Technology Center was originally constructed in 1986 and sits on a site encompassing more than six acres. The property includes 370 parking spaces, offering a parking ratio that supports technology and office users that may have above-average employee counts or visitor traffic. While specific tenancy and lease terms were not disclosed, the combination of site size and structured parking positions the asset as a sizable office facility within the local market.
Friedman Real Estate, based in Michigan, is active across multiple service lines in commercial real estate. The firm provides advisory, property management, multifamily, brokerage, and construction services for clients and properties in various markets. In this assignment, its brokerage team focused on investment sales, working with a private investor seller and coordinating with the in-state broker to execute the transaction.
Cove Capital emerges from the deal as the new owner of a sizable office and technology asset in Newport News. The purchase price of $13.4 million for the 81,426-square-foot property reflects a mid-range investment sale rather than a large portfolio or institutional-scale trade. No details were provided on the buyer’s specific business plan, capitalization structure, or financing terms.
The announcement follows a broader pattern of transaction activity in which private investors and specialized buyers selectively pursue office and technology properties that align with their strategies. While the parties did not release further financial metrics such as cap rate or yield, the deal illustrates ongoing interest in established office assets with meaningful site size and on-site parking in regional markets.
The news of the Technology Center sale was released alongside promotional information for an upcoming West Coast industrial conference, underscoring ongoing engagement across multiple commercial real estate sectors even as capital allocators and advisors continue to work through property-specific opportunities like this Newport News transaction.
