The technology firm originally moved into the MetroPark office complex in 2001. It extended the term of the lease partly in order to secure favorable, long-term lease rates, according to Studley. CALIBRE also received a tenant-improvement package that will fund several space renovation projects over the next few years.
"This building--especially at the rates we were able to renegotiate--meets their long term business needs," Hubberman tells GlobeSt.com. The new TI package was also valuable to the tenant, he adds. A tenant with two or three years left in a lease that needs to make improvements to the facility has to amortize that investment over a short period of time, which can be expensive, he notes.
MetroPark III is a class A 135,673-square-foot office building in the Springfield Metro office complex, one of Virginia's largest office parks. It is close to Fort Belvoir and the Pentagon, making it a favored locale among government contractors.
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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.
