Built in 2000, the 90,167-sf, class A building is fully leased to the US Drug Enforcement Agency through 2020. Besides the investment grade tenant, the building's location in the Springfield/I-95 also is part of its lure, Stroud says in a prepared statement. The submarket's "low vacancy strength to offer an exceptionally located, high quality product, fully leased to the premier grade tenant, the US Government," he says. "This kind of stabilized asset is highly sought after in today's turbulent capital marketplace." PRC did not return a call to GlobeSt.com in time for publication.
The Springfield/I-95 Flex market has a 7.4% vacancy rate, which compares favorably with Northern Virginia's overall 9.1% vacancy rate. Nearby tenants include Northrop Grumman, Lockheed Martin and USA Today. The property is also close to Fort Belvoir, the Quantico Marine Corps Base and the Pentagon.
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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.
