wants lease-up done by '13.
FAIRFAX, VA-Shorenstein Properties has tapped CBRE’s Jeff Roman, Mike Pepper, Brian Wood and John DiCamillo as exclusive listing agents for its Fair Lakes office portfolio. The portfolio, located in the master-planned Fair Lakes community, consists of nine office buildings spanning more than 1.3 million square feet and 93 acres. It also includes approved and fully entitled developable parcels of more than 500,000 square feet.
Tenants in the park include Northrop Grumman, General Dynamics, SRA, CGI, Argon ST and Avaya Government. The portfolio’s occupancy is in the low to mid-90% range, SVP Roman, tells GlobeSt.com. Asking rates for the existing space will be in the $31-per-square-foot to $34-per-foot range, he says.
With a tighter vacancy rate than the Fairfax submarket’s of 15% to 16%, the Fair Lakes office portfolio should be easy to lease up, Roman says. However, the firm has other chores on its “to do” list as broker of the complex, including upgrading its image. Not that the park appears down market, Roman says. Located in one of the prettiest parts of Fairfax, it is offers an enviable environment and a number of amenities.
The park, though, at one time had a greater cache in the market and the owner would like to reclaim that, Roman says. To that end, Shorenstein is planning upgrades to the properties, including a 6,000-square-foot fitness center, new patios with Wi-Fi service and upgrades to elevators, lobbies and landscaping.
Shorenstein would like to see the complex fully leased by 2013, Roman says, at which point some large blocks of space will be rolling over, including an Avaya sublease of 100,000 feet. “They want to have everything leased up before they go to market with that space,” he says.