RESTON, VA-STG is taking 100,000-square feet at 12011 Sunset Hills Rd. here, an office building owned by Boston Properties whose primary tenant, Northrop Grumman, recently decamped. Warren Amason and Chad Arnold of Grubb & Ellis represented STG. Boston Properties was self-represented.
STG is relocating from an 86,000-square-foot sublet at Plaza America, also in Reston. However the move is not an expansion since the company is also consolidating another division into this new space, Amason tells GlobeSt.com.
STG’s sublease was due to expire in December 2011, but it opted to go to market early to take advantage of the still tenant-friendly conditions. Amason calls the lease a “classic example of a flight to quality during an economic retreat.”
For Reston, STG’s consolidation comes as the submarket struggles to increase occupancy after losing several large tenants. Chief among these has been National Geospatial Intelligence Agency, which is moving operations to Ft. Belvoir and likely taking several government contractors with it who wish to stay close to the agency.
One of the few leases that has brought positive net absorption here is AllWorld Language Consultants’ recently-inked 41,481-square-foot lease at Commerce Executive Center III, which is located at 1850 Centennial Park Dr. http://www.globest.com/news/1710_1710/washington/301088-1.html
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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.
