The building, which delivered towards the end of last year, is the third phase of Station Place, an office complex that consists of three buildings totaling 1.6 million square feet and has been designed to a LEED Silver rating.
A connector providing direct access will be built between Station Place II and Station Place III. Once the build out is complete, the SEC expects to move in by the end of this year.
Last year the property landed another large tenant--Kaiser Permanente--which took 200,000 square feet shortly before the building delivered.
The American Chemistry Council, as well, inked 89,500 square feet in a pre-lease. The listed asking rate for space in the building at the time was in the high 30s per square foot, triple net.The SEC lease is yet another of the numerous examples of government leasing boosting the local market. In a recent report, Delta Associates noted that government leasing activity increased to 26% of all square feet leased during 2009, compared to 14% during 2008. As a result, it said, demand for office space was created even as the region lost 52,900 jobs.
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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.
