Transwestern SVPs, Matt Bundy and Joshua Masi, along withMonument Realty's Doug Olson and Bethany Allen, represented thelandlord, Transwestern Monument Randolph Square LLC. Studley's ToddValentine represented the PTO. Randolph Square is a joint venturebetween Monument Realty and Transwestern Investment Co.

The building is located in the Shirlington part of Arlington offthe main thoroughfare of I-395. Called Randolph Square, it is a208,000-sf, nine-story office complex with a newly constructedparking garage located next door that provides more than 700 spacesfor the building.

New buildings in this submarket typically lease for $33.50 persf, according to Tonya Ginter, director of research and marketingfor GVA Advantis, but she tells GlobeSt.com that the estimated compshe has for this deal is $31 per sf, full service, and $50 in TIs.Most likely, she speculates, because PTO is leasing a sizable chunkof the building, it received a good rate. Ginter notes that this isthe second large sized deal the government has inked in theNorthern Virginia submarkets this quarter. Earlier this month theSocial Security Administration renewed 334,103-sf at 511 LeesburgPike, which is owned by Vornado.