Stout, along with Charles Dilks, vice president, and Keith Lavey, vice president, facilitated the transaction. Even if the legal and financial issues surrounding that project do straighten out, there is a possibility that NOAA would maintain a presence in its current building. The building owners, Stout says, are hopeful that might happen.
In general, the federal government is proving, once again its worth to the District – NOAA's contracting issues and how they may have impacted Opus East aside. The Department of Agriculture, for example, just inked a 330,000-square-foot deal at Patriots Plaza III. Stout says there is more than one million square feet of GSA leases currently looking for space. More will be joining - the Department of Homeland Security released a prospectus for one million square feet a few weeks ago, which could be one large lease or two or three smaller ones, Stout says. GSA will start looking at properties for that deal shortly.
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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.
