Parsons' lease, which was not scheduled to expire for another three years, has now been extended by eight years at an undisclosed but clearly favorable rate, and has been restructured to include a major tenant allowance. "CBRE's aggressive monitoring of the market has enabled us to realize substantial savings on our space," Parsons' Mike Fisher says. "Their foresight to encourage us to look ahead and not wait until our lease expired has yielded enormous benefits to our company." The current vacancy rate in Herndon is 21%, according to Advantis Real Estate Services' Year-End 2003 Office Report, and the average asking rate for class A and B properties is $23 and $17.75 per sf, respectively.
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