"They added 3,872 sf to their previous space, which was 18,241 sf, for a total of 22,113 sf," McNair tells GlobeSt.com. "And it's a seven-year lease." The financial terms of the transaction are unavailable. McNair adds, "Pulte was pleased to benefit from the depressed rental rates in today's market, while consolidating several offices and renovating their existing space."
According to Advantis' third quarter office market report, the direct vacancy rate in the Oakton/Fairfax City submarket is 5.5%, while the direct vacancy for all of Fairfax County is 12.8%. The structure, also known as Redwood Plaza II, was built in 1986. A multi-tenanted building, Redwood Plaza II is also home to Federal Engineering Inc., and Himes Technology Consulting.
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