Transwestern SVPs, Matt Bundy and Joshua Masi, along with Monument Realty's Doug Olson and Bethany Allen, represented the landlord, Transwestern Monument Randolph Square LLC. Studley's Todd Valentine represented the PTO. Randolph Square is a joint venture between Monument Realty and Transwestern Investment Co.
The building is located in the Shirlington part of Arlington off the main thoroughfare of I-395. Called Randolph Square, it is a 208,000-sf, nine-story office complex with a newly constructed parking garage located next door that provides more than 700 spaces for the building.
New buildings in this submarket typically lease for $33.50 per sf, according to Tonya Ginter, director of research and marketing for GVA Advantis, but she tells GlobeSt.com that the estimated comp she has for this deal is $31 per sf, full service, and $50 in TIs. Most likely, she speculates, because PTO is leasing a sizable chunk of the building, it received a good rate. Ginter notes that this is the second large sized deal the government has inked in the Northern Virginia submarkets this quarter. Earlier this month the Social Security Administration renewed 334,103-sf at 511 Leesburg Pike, which is owned by Vornado.
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