ALEXANDRIA, VA-The Alexandria City School Board is taking 85,000 square feet in Washington REIT's, or WRIT's, four-building complex at Braddock Metro Center. The 15-year lease brings 1340 Braddock Place to 98.6% occupancy. CBRE's Joe O'Brien, Mike McShey and Ardell Fleeson represented the school board in the transaction.
O'Brien tells GlobeSt.com that the board is consolidating four separate offices with this move. "We looked at a number of buildings throughout the Alexandria marketplace and the Braddock Metro Center was the preferred choice due to its location and transit oriented development," he says. O'Brien declined to discuss lease terms
The lease commences June 1, 2014. The School Board will fully occupy the building. Tom Regnell, senior vice president and managing director for the Office Division at WRIT, attributes the renovations at the property as a contributing factor for the lease, in a prepared statement. He also notes the vacancy was created by the anticipated BRAC relocation of the Defense Security Service to Quantico, VA.
Braddock Metro Center consists of four office buildings located at 1310, 1320, 1330 and 1340 Braddock Place. It is next to the Braddock Road Metro Station. The REIT acquired the campus in 2011 and has since launched several interior renovations. It is currently working on an outdoor plaza and a new conference facility there.
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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.
