Late last month the General Services Administration inked a 60,000 sf deal with Matomic for the Department of Veterans Affairs; that transaction was followed by another 60,000-sf lease signed on behalf of the Department of Homeland Security. Both are 10-year terms. There is about 30,000 sf of space left in the building, according to Marcin.
The agencies will be occupying space once occupied by the Corporate Executive Board for a short period of time prior to its relocation to Waterview in Rosslyn, VA. Veterans Affairs and Homeland Security will be located on four floors of the 11-story building.
Immune to the credit crunch and market slowdown, the government's appetite for space in the DC area is still strong, Marcin says. Indeed, the government has absorbed many hundreds of thousands of sf in office space over the last several months. The US Patent and Trademark Office, for instance, signed a 10-year lease to occupy 168,468 sf at 2800 S. Randolph St., in Arlington earlier this year. The Social Security Administration renewed 334,103-sf at 511 Leesburg Pike, which is owned by Vornado, and the Department of Defense renewed a 235,983-sf lease with Lerner Enterprises at 400 Army Navy Dr., also in Arlington.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
