This renewal is the largest lease Monday Properties has ever executed, according to Tim Helmig, executive vice president of the company--who participated in the transaction along with John Wharton at the firm. Other participants were James Smale of the general services sdministration, who represented the Coast Guard along with Bill Craig, Susan Hill and Maureen O'Brien of Jones Lang LaSalle. Pete Marcin and Brian Sullivan of Cushman & Wakefield represented Monday Properties.
Monday Properties acquired the Transpoint Building in December 2006 together with Apollo Real Estate Advisors for $170 million. The Coast Guard has been using it as its headquarters since 1973, when the building was constructed.
All together, Monday Properties leased or renewed more than 1.3 million square feet in the DC market in 2008, representing approximately 30% of its regional portfolio. Its metro DC portfolio is currently 97% leased. Other recently announced deals include a 144,000-square-foot full-building lease renewal with Boeing Co. at 1200 Wilson Blvd. Also, Arlington County is leasing 53,000 square feet at 1101 Wilson Blvd.
The renewal is welcome not only to Monday Properties, of course, but also the Southwest waterfront, which has been undergoing a revitalization in the last few years, Helmig tells GlobeSt.com. If the Coast Guard had left the neighborhood it would have slowed the momentum, he speculates.
"There has been a strong push for Homeland Security government agencies to consolidate in St. Elizabeth's," he says referring to St. Elizabeth's East Redevelopment Framework Plan, which is still in the planning stages. This commitment by the Coast Guard demonstrates they will be in SW for the near future while planning for the consolidation."
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