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4-Traders Homepage  >  Equities  >  Nyse  >  Norfolk Southern Corporation    NSC

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Norfolk Southern : Second tenant agrees to occupy ex-NS tower Former Norfolk Southern tower lands second tenant

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09/14/2017 | 09:23am CET

The investor-owned former Norfolk Southern building in downtown Roanoke has landed the second tenant to announce occupancy plans this month.

Roanoke-based Associated Asphalt has leased the ninth floor and expects to move in by early 2018, according to CEO Bill Kirk.

Last week, PowerSchool confirmed it plans to occupy the second and third floors. PowerSchool, an education software firm, signed a seven-year lease. Associated Asphalt signed a 10-year lease, Kirk said.

"I can't ever see us moving again," said Kirk, who chose the space in part to accommodate more workers - all on a single floor - if needed.

Kirk described Associated Asphalt as one of the largest U.S. suppliers of liquid asphalt. It bought Axeon Specialty Products of Stamford, Connecticut, in early 2017, which added about 12 people to the number employed in Roanoke, bringing it to 40. All of them will move, according to Kirk. Total company employment is 260, he said.

Associated Asphalt currently bases executives and key administrative functions at 130 Church Ave., a two-story building that isn't large enough now that the work force has expanded, according to Kirk.

He focused his search for a new headquarters office downtown in part because employees liked working in downtown. Kirk applauded the new owners of the former railroad tower for installing an exercise area on the the first floor.

The company likely will sell its Church Avenue location, Kirk said.

Norfolk Southern built the 11-story structure in 1992. It closed in a 2015 office consolidation. Local investors bought the building last year for $10 million and hired Cushman & Wakefield|Thalhimer to lease it.

The building, where the lease rate is advertised at $26.50 per square foot per year, goes by the name One Ten Franklin.

© Copyright (c) 2017 The Roanoke Times, source Newspapers

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Financials ($)
Sales 2017 10 494 M
EBIT 2017 3 391 M
Net income 2017 1 877 M
Debt 2017 9 245 M
Yield 2017 1,90%
P/E ratio 2017 19,98
P/E ratio 2018 18,20
EV / Sales 2017 4,40x
EV / Sales 2018 4,24x
Capitalization 36 976 M
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Norfolk Southern Corporati Technical Analysis Chart | NSC | US6558441084 | 4-Traders
Technical analysis trends NORFOLK SOUTHERN CORPORATI
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 27
Average target price 133 $
Spread / Average Target 3,1%
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Managers
NameTitle
James A. Squires Chairman, President & Chief Executive Officer
Michael Joseph Wheeler Chief Operating Officer & Executive Vice President
Cindy Cynthia Earhart Chief Financial Officer & Executive Vice President
Fredric M. Ehlers Chief Information Officer
Steven F. Leer Lead Independent Director
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