STERLING, VA-Loudon County has extended its lease at Ridgetop Two for 29,140 square feet. The building, located at 21641 Ridgetop Circle, is located in the Loudoun Tech Center here.
Neil Alt and Karen Wright of Lincoln Property Co. represented the landlord, Bavar Properties Group, LLC. Joe Judge and Harry Klaff of Jones Lang LaSalle represented the tenant. Bavar Properties developed and owns Ridgetop One, Two and Three, all of which total 210,000 square feet. Other major tenants in the development include Neustar and George Mason University.
Clearly the renewal, a five-year term, is a very welcome piece of business for the Loudoun County submarket as the area posted a 15.5% direct vacancy rate at the end of Q3. This renewal, Alt tells GlobeSt.com, is one of the largest signed in the area for 2012. "The good news is we are seeing a pick up in demand by tenants for smaller sized spaces here, he says. Asking rates at Ridgetop Two range from $22 per square feet to $25 per square feet.
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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.
