ALEXANDRIA, VA-Almost exactly half through 2013, the Alexandria submarket secured what would turn out to be the largest lease for the year in Northern Virginia, according to a preliminary analysis by Cushman & Wakefield.
It also turned out to be a highly symbolic one as well for the DC market, given the competitive rental rate and space efficiency secured by the government tenant.
Briefly, the NSF announced it would moving from its current Ballston, VA-based office, to take 660,848 square feet in 2017 at the Hoffman Town Center complex, at a rental rate that is more than 30% below the market rate.
The deal also provided the government with $35 million, to be applied to further rent savings, relocation, and/or overall operational costs.
In fact, the only out-of-the-ordinary detail about the transaction is the move by the government agency to a new building. Landlords have been doing everything they can to keep tenants – especially government tenants -- in place. Usually they come through and the tenant stays, but occasional a better deal can be had and as the government has shown with NSF, it is perfectly capable of picking up and moving.
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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.
