Built in 2000, the 90,167-sf, class A building is fully leasedto the US Drug Enforcement Agency through 2020. Besides theinvestment grade tenant, the building's location in theSpringfield/I-95 also is part of its lure, Stroud says in aprepared statement. The submarket's "low vacancy strength to offeran exceptionally located, high quality product, fully leased to thepremier grade tenant, the US Government," he says. "This kind ofstabilized asset is highly sought after in today's turbulentcapital marketplace." PRC did not return a call to GlobeSt.com intime for publication.
The Springfield/I-95 Flex market has a 7.4% vacancy rate, whichcompares favorably with Northern Virginia's overall 9.1% vacancyrate. Nearby tenants include Northrop Grumman, Lockheed Martin andUSA Today. The property is also close to Fort Belvoir, the QuanticoMarine Corps Base and the Pentagon.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
