HERNDON, VA-Navy Federal Credit Union has renewed a full-building lease for 80,582 square feet at 12851 Worldgate Dr. The credit union, which provides support services from the Herndon office building, was represented by Ezra Co.'s Gene Martin and Damon Rothman. The asset is part of a four-building, 322,325-square-foot complex called Worldgate Plaza and is owned by Inland American REIT.

The credit union's lease was expiring, Martin explains. It did an extensive study of the market on the Toll Road and found there were a number of alternatives. To stay in the location, "it received more than a market concession package and the rental rate was below market. The landlord was very competitive on both scores."

Landlord concessions, of course, are a fact of life for this market cycle, the only question being how aggressive the landlord is willing to go. In an earlier interview with GlobeSt.com, Ezra Co. president Glenn Meltzer told GlobeSt.com that "everything is negotiable" from the rental rate, rent abatements and construction build out, to expansion options, renewal options, rights of first offering, termination options and even roof rights for communication equipment.

That said, brokers say they are seeing few signs of a repeat of one of the biggest concessions made in this cycle: Vornado/Charles E. Smith's lease with the United Nations Foundation at 1750 Pennsylvania Ave., NW, for which the REIT assumed the organization's current lease obligations.