Division of Real Estate Services

The Division of Real Estate Services (DRES) is the Commonwealth's one-stop provider of real estate services to state agencies. In addition to maintaining the Commonwealth's real estate records and reporting to the General Assembly on agencies use of leased and owned facilities, DRES services can broadly be broken down into acquisition and disposition of real estate assets.

DRES makes it easier for government to do business and Virginians to do business with government by providing a full range of real estate services and facilities management to state agencies to best meet their needs while avoiding unnecessary costs.

DRES manages the Commonwealth's broad portfolio of leases, sells or assists with redeploying underutilized real estate assets and oversees other real estate transactions as needed by state agencies. The Division assists agencies and institutions to develop and maintain facility strategic plans, assessing current and future facility needs. DRES also maintains the Commonwealth's real estate record management system, COVA Trax, tracking land, building and lease data, and provides reports to the General Assembly on how facilities are used.

DRES's focused and centralized real estate support program offers agencies the opportunity to improve internal Commonwealth efficiencies and productivity, experience a timely transaction process, realize agency negotiation leverage, identify cost-saving opportunities, and benefit from increased collaboration and communication.

Acquisition

When an Executive Branch agency needs to expand services, DRES works with that agency to determine the best real estate option to meet both their operational and budgetary needs.

Our team works with customers to:

• Identify an agency's real estate needs

• Determine whether a lease or purchase transaction is most suitable

• Provide due diligence support on any or all of the following:

  • Environmental studies
  • Appraisals
  • Surveys
  • Title searches
  • Solicit bid proposals
  • Determine space needs
  • Determine operational requirements
  • Identify and inspect cost-efficient alternatives

• Negotiate terms of the agreement

• Administer leases, both accounts receivable and accounts payable

• Advocate for the agency

• Provide consistent document structure across Commonwealth agencies

Disposition

DRES helps agencies dispose of real estate property that is not being used to its capacity by reallocating the property to another agency, identifying an alternative income-generating opportunity for the property, or selling the property.

Our team works with customers to:

• Market and sell property

• Identify property that can be used by other agencies

• Assist leasing property to private entities if there is no other Commonwealth need

• Lease antenna space on Commonwealth owned-cell towers to provide improved access to wireless communications and internet access to the Commonwealth

• Lease Commonwealth property to communication providers to for the construction of new cellular towers

• Prepare for sale of property by obtaining any or all of the following:

  • Surveys
  • Appraisals
  • Work with brokers to determine fair market value

• Guarantee that all sales of Commonwealth real estate are transparent and conducted fairly, objectively and in accordance with the law