What Olympia Development does

Olympia Development Corporation is a family-owned commercial real estate firm founded in 1988 by Cecil V. Cutchins and headquartered at 272 Bendix Road in Virginia Beach, Virginia. The company develops, leases, and manages Class A office properties across Hampton Roads, Williamsburg, and Richmond, with a managed portfolio exceeding 800,000 square feet across 11+ named buildings including the Convergence Center complex (five buildings totaling approximately 461,000 sq ft), AMSEC Center (138,000 sq ft), The Gallery I & II (approximately 60,000 sq ft combined), Fulton Bank Plaza (89,950 sq ft), Greenwich Station (30,000 sq ft), and Townebank Center. Full-service Class A office space is quoted at $24-$26 per rentable square foot, with HVAC, utilities, janitorial, maintenance, and landscaping bundled into the rental rate.

Olympia generates revenue through three streams: commercial real estate leasing (recurring rental income), property management services for office, medical, and financial-institution buildings, and development consulting led by the president covering land acquisition, zoning, permitting, budgeting, design, and construction management. The firm has cumulatively developed over $400 million of office buildings since inception and has expanded its asset base into hospitality with the 2018 Residence Inn Virginia Beach Town Center ($24 million, 120-room extended-stay hotel) and, in April 2026, into multifamily residential through a partnership with Related Companies and the University of Michigan Center for Innovation on Founders House, a 313-unit LEED Gold building in Detroit's The District Detroit. Customers span financial services (Fulton Bank, TowneBank, Navy Federal Credit Union, Edward Jones), aerospace and defense (Boeing, AMSEC, U.S. Navy), engineering (Jacobs, Stantec), healthcare (LifeNET), and hospitality tenants. Distribution is direct — a small in-house leasing and management team handles tenant inquiries, leases, and ongoing property services with no disclosed digital self-serve or third-party brokerage channels.

Name

Olympia Development

Legal name

Olympia Development Corporation

Website

https://olympiadevelopment.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

1–10 employees

Short description

Olympia Development Corporation is a family-owned commercial real estate firm founded in 1988 in Virginia Beach, developing, leasing, and managing Class A office, hospitality, and residential properties across Hampton Roads and Detroit.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Real Estate Property Managers (53131)

SIC

Real Estate Operators (No Developers) & Lessors (6510), Real Estate Agents & Managers (For Others) (6531), Operative Builders (1531)

akta.pro primary industry

Office Property Management (BPAJAGAA)

akta.pro secondary industry

Office Real Estate Asset Management (BPAJAMAG)

Keywords

• Commercial real estate
• Class A office space
• Property management
• Development consulting
• Office leasing

Headquarters

HQ city

Virginia Beach

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Commercial Real Estate Leasing: Revenue from leasing Class A office space to businesses throughout Hampton Roads, Williamsburg, and Richmond. Rental rates quoted at $24-$26 per square foot on a full-service basis (including HVAC, electricity, utilities, janitorial, maintenance and landscaping).
2. Property Management Services: Property management services for office and medical buildings and financial institutions. Includes maintenance requests, building upkeep, groundskeeping management, vendor management, and rent collection.
3. Development Consulting: Consulting services led by President Cecil Cutchins covering land acquisition, zoning, permit and code requirements, cost estimation, budgeting, building and site design, and construction management for Class-A commercial properties.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Olympia Development develops, leases, and manages Class A commercial office space across Virginia Beach, Hampton Roads, Williamsburg, and Richmond, with a portfolio exceeding 800,000 square feet. The firm also provides property management services (maintenance, utilities, janitorial, landscaping, rent collection) and development consulting services covering land acquisition, zoning, design, budgeting, and construction management led by President Cecil Cutchins.

Product overview

Olympia Development is a family-owned commercial real estate development and property management company serving Hampton Roads, Virginia since 1988. The company operates a unified platform of Class A commercial office properties, including the Convergence Center complex (five buildings totaling 461,000+ sq ft), AMSEC Center, The Gallery I & II, Greenwich Station, Fulton Bank Plaza, and Townebank Center. These core property offerings are complemented by add-on services including property management and development consulting. The company has developed over $400 million of office buildings throughout Hampton Roads, Williamsburg, and Richmond, and also develops hospitality projects such as the Residence Inn Virginia Beach Town Center.

Differentiator

Problem solved

Functional benefit

Products and services

• Convergence Center Class A commercial office complex consisting of five buildings totaling approximately 461,000 square feet in Virginia Beach's Central Business District off Independence Boulevard, featuring modern HVAC systems, card access security, and professional property management for business tenants.
• AMSEC Center

Named customers11 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered major.

• Related CompaniesmajorStrategic or Co-development Partner · 17 April 2026Related Companies partnered with Olympia Development of Michigan and the University of Michigan Center for Innovation on the Founders House project, a 13-story, 313-unit LEED Gold-certified residential building in Detroit at 2205 Cass Avenue, part of The District Detroit Transformational Brownfield Plan.
• University of Michigan Center for InnovationmajorStrategic or Co-development Partner · 17 April 2026University of Michigan Center for Innovation partnered with Olympia Development of Michigan and Related Companies on Founders House, a residential development for graduate students and faculty, expected completion 2028.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Others

• The Related Companies: Large national developer of mixed-use and residential real estate. Comparable to Olympia as a development partner (Related is Olympia's co-developer on the Founders House Detroit project) and shares the owner-developer business model, though at substantially larger scale and asset-class breadth.

Broad incumbents

• JLL (Jones Lang LaSalle): Global real estate services and investment management firm with dedicated office leasing and property management practices. Comparable to Olympia in service lines (leasing, property management, consulting) but with a much broader geographic and product footprint.
• Lincoln Property Company: National commercial real estate firm with a sizable office leasing and property management platform. Comparable to Olympia in owner-operator model for office assets but with a national, third-party-managed portfolio.
• CBRE Group: Largest global commercial real estate services firm offering leasing, investment sales, property management, and consulting. Comparable to Olympia on the property-management and leasing side, but operates at vastly larger scale across all major U.S. office markets.
• Cushman & Wakefield: Global commercial real estate services firm offering agency leasing, property management, and valuation services. Comparable to Olympia in service offerings but at significantly greater scale.
• Howard Hughes Holdings: National master-planned community and office developer/owner with significant Class A office assets. Comparable to Olympia in the developer/owner of Class A office space, though at much greater scale and geographic dispersion.

Direct peers

• S.L. Nusbaum Realty Co. Full-service Virginia-based commercial real estate firm with deep Hampton Roads presence. Closely comparable to Olympia across property management, leasing, development, and a similarly family-operated ownership model.
• Goodman Real Estate Services Group: Mid-Atlantic commercial real estate brokerage and management firm with strong Virginia and Hampton Roads presence. Comparable to Olympia on office leasing, tenant representation, and third-party property management.
• Divaris Real Estate: Mid-Atlantic and Southeastern U.S. commercial real estate services firm offering brokerage, property management, and leasing. Comparable to Olympia in target product type (Class A office) and overlapping tenant base in Virginia.
• Harvey Lindsay Commercial Real Estate: Long-standing Hampton Roads commercial real estate brokerage and property management firm. Directly comparable to Olympia in terms of geography (Virginia Beach / Coastal Virginia), product focus (office and industrial), and service offering (leasing, management, tenant rep).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/olympia-development-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Olympia Development