HERNDON, VA-Transwestern has scored a new lease assignment in this submarket--a 236,000-square foot, nine-building portfolio from First Potomac Realty. The two complexes are Herndon Corporate Center and Van Buren Office Park. Transwestern's Caulley Deringer and Steve Cloud will be the leasing agents.
The properties are located at 510, 512, 516, 520, 1145, 1155, 1165 and 1175 Herndon Pwky. as well as 250 Exchange Place.
Herndon Corporate Center consists of four flex/office buildings totaling 127,918 square feet. Van Buren Office Park is comprised of five single-story office/flex buildings totaling 107,853 square feet on approximately nine acres.
This lease assignment follows an industry portfolio Transwestern was awarded in Baltimore recently. A 250,000-square foot mandate, it was named the exclusive agent for either the lease or sale of Diamond Point Plaza located at 8250, 8400 and 8450 Eastern Ave. The site also includes a redevelopment potential for of 120,000 square feet, FAR. Mark Glagola and Tom Gentner of Transwestern are the agents for the property.
In Baltimore, at least, the flex/office space is showing distinct signs of recovery. The vacancy rate is projected to decline to 9.4% by mid-year 2012, according to Delta Associates. In addition, rents are expected to increase 15 to 2% for 2011. Transwestern was unable to return a request for comment to GlobeSt.com in time for publication.
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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.
