June 16, 2011
CFA Institute, the global association of investment professionals, announced Thursday that it has signed an agreement with Octagon Partners for a refurbished portion of the facility at the Martha Jefferson Hospital site on Locust Avenue.
Chief Financial Officer Tim McLaughlin says they hope to move into the building, which will be vacated by the hospital in August when it moves to a new location on Pantops Mountain, by early 2013.
"We looked at this as a way that we could take something that would've been am empty shell in the downtown area of Charlottesville and keep it as a vibrant business," said McLaughlin.
"Major employer moving in, that's going to be a catalyst for other development around the site." said Charlottesville's Mayor, Dave Norris.
That would make Martha Jefferson the fourth facility in the Charlottesville area that CFA Institute has occupied since the 60s.
“The move to the Martha Jefferson Hospital site will benefit CFA Institute employees and members from a financial, operational, and corporate citizenship standpoint,” said McLaughlin. “CFA Institute has been a member of the Charlottesville community since one of our predecessor organizations set up shop in the 1960s at the University of Virginia’s Monroe Hall."
This deal was first mentioned in February, when Octagon Partners told CBS19 it was in talks with a potential client. Governor Bob McDonnell says CFA Institute will invest $24.5 million to establish its operations center, creating 45 new jobs.
"This project is significant for the City of Charlottesville, the region, and the Commonwealth of Virginia," he said. "The decision made by CFA Institute to designate Charlottesville as its global hub of operations not only touts the opportunities of the region and the state, but also accommodates the association's needs for current and future growth. As part of this major investment, CFA Institute will redevelop the former Martha Jefferson Hospital, turning an available property into a Class A 136,000-square-foot office facility."
The Virginia Economic Development Partnership worked with the City of Charlottesville to secure the project for Virginia. Governor McDonnell approved a $200,000 grant from the Governor's Opportunity Fund to assist Charlottesville with the project.
"CFA Institute has quietly grown into one of our region's major employers and we look forward to the organization's sustained growth in the years ahead," said Norris. "We are delighted that CFA Institute has chosen to invest in the City and we are pleased that we could play a role in keeping them in the area," Norris added.
CFA Institute is a not-for-profit, global association of more than 105,000 investment professional members, constituting 135 societies in 58 countries, and currently employs more than 350 individuals in its Charlottesville facilities. CFA Institute has retained facilities at the Fontaine Research Park since 1999, and has also held office locations at the University of Virginia’s Monroe Hall and Boar’s Head Lane.