Patriots Plaza III is a part of the $272-million, three-phase, one-million-square-foot office complex owned by Multi-Employer Property Trust and developed and leased by Trammell Crow Co. Patriots Plaza I, a 280,001-square-foot class A office building, delivered in 2005 and is currently 100% leased to five US government agencies; the 321,502-square-foot Patriots Plaza II was constructed alongside Patriots Plaza III and delivered in October 2009.
Both II and III were developed on spec, Tim Finan, managing director with TCC, tells GlobeSt.com. Right now TCC is chasing additional GSA deals in the market for Plaza II--there is about one million square feet that the agency is shopping around, he says. TCC hopes to fill the remaining space in Plaza III with government contractors and/or small agencies. Asking rates are between $45 per square foot to $50 per square foot, he says. GSA was represented by Bill Craig and Chad Habeeb with Jones Lang LaSalle's Public Institutions Group in the Plaza III transaction. Kennedy Associates Real Estate Counsel, L.P. was the investment advisor.
Patriots Plaza III was designed to meet post-Oklahoma City and 9/11 security standards, according to Finan. Security features include 30-foot stand-off distances, progressive collapse avoidance, hardened structure and façade, blast resistant glass, distinct garage structures and expendable entry ways. The building is pre-certified LEED Silver, and will apply to become LEED Gold certified. Plaza II is also pre-certified LEED Silver.
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