The FAA will be occupying three floors at the 285,000-sf building, bringing its occupancy to just over 90%. Smith says that tenant interest in the building has been strong since the IRS' decampment. Located close to a host of federal agencies, it is seen as a good site for other government tenants and contractors, he notes. One full floor of 18,280 sf is still available for lease.
Anecdotally at least, the feds have begun laying claim to vacant space in the DC market. For a time during Q4, some agencies had been holding back on such commitments due to economic and budget uncertainties. These have not diminished, of course, but the need for space is forcing some agencies to move forward. The US Patent and Trademark Office, for instance, has signed a 10-year lease to occupy 168,468 sf of space at 2800 S. Randolph St. The agency will move into the new building after it delivers, which is now scheduled for April. Randolph Square is a joint venture between Monument Realty and Transwestern Investment Co. Also, earlier this month the Social Security Administration renewed 334,103-sf at 511 Leesburg Pike, which is owned by Vornado.
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