The trend for Q2 was definitely a focus on renewals, Tonya Ginter, director of research & marketing for GVA Advantis, tells GlobeSt.com. Likely renewals will continue to dominate leasing activity this quarter, as activity in general has dropped in the area. "In the third quarter we are definitely seeing a slowdown in both new leases and investment sales," she says. Also, the price per sf at which buildings are trading is dropping this quarter, she says.
Many of the noteworthy renewals during Q2 occurred in Northern Virginia. These include the approximate 500,000-sf lease the Department of Defense renewed at 2530 Crystal Dr. in Arlington. The Defense Department also renewed a 235,983-sf lease with Bethesda-based Lerner Enterprises at 400 Army Navy Dr., also in Arlington.
The private sector also contributed to the activity. Defense contractor Argon ST renewed 165,000 sf at Argon Plaza in Fairfax. Located at 12701 Fair Lakes Circle, the building is owned by Shorenstein Properties. Securing the renewal was a huge success for the company's portfolio, Brian Connolly Jr., says in a prepared statement. Connolly, along with Robert VeShancey of Jones Lang LaSalle represented Shorenstein Properties. Tom Rogers and Charles Dilks of Grubb and Ellis represented Argon ST.
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