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.
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