Trucking Association Preleases 105,000 SF in 15-Year Deal

ATA will not only be the class A property's lead tenant under a 15-year lease agreement, it will be a co-owner as well, having also acquired a stake in the development. In addition to ATA, the list of property owners now consists of the JBG Cos., Fidelio Properties Inc. and BFV Interim Finance bv, which also anted up the construction loan for the development. Parties involved in the change in ownership have not revealed details of the deal; however, ATA's stake in the property is reported to be substantial.

Real estate services firm Studley orchestrated the aforementioned transactions and also arranged for the $28-million sale of ATA's current 159,000-sf headquarters building at 2200 Mill Rd. in Alexandria to a joint venture involving Lane Development and Common Fund Realty. ATA will remain at its current home, a 115,000-sf space, under a sale-leaseback arrangement until its new digs are ready for occupancy sometime during the first quarter of 2007. The building itself is on schedule to reach completion in the third quarter of next year.

The Regent will occupy a prime spot in the Ballston submarket off Interstate 66 and across from a Metro station; a site that had been home to a two-decade-old, 56,600-sf office structure. ATA's new headquarters locale will be contained in space on the second, third, fourth, fifth and 12th floors of the 12-story Cooper Cary-designed tower, which will also feature approximately 14,000 sf of ground-level retail space.

"Through this complex series of transactions, ATA will continue to enjoy the financial benefits of owning an interest in its headquarters while upgrading to a state-of-the-art building in amenities-rich, Metro-accessible Ballston," says Arthur G. Greenberg, who represented ATA in the deals along with colleague Vernon Knarr. "By entering into this joint venture with JBG, ATA has ensured its new headquarters will meet the organization's current and future needs while providing an additional revenue stream for the organization."

Meany & Oliver Cos. Inc. and Jones Lang LaSalle represented the JBG Cos. on the joint venture and lease transaction, while Lane Development and Common Fund Realty represented themselves. ATA has taken a large chunk of the office offerings at the Regent, but there is still a significant amount of available space, which is being marketed by Jones Lang LaSalle for $38 per sf.