SPRINGFIELD, VA-ING Clarion Partners has arranged a $16.1-million construction loan for Metro Park VII, an office building at 6348 Walker Ln. that is already fully preleased. Cassidy Turley’s John Campanella and David Webb secured the financing.
Metro Park VII is a 90,000-square-foot office building located within the 37-acre Metro Park in Springfield. It is 100% preleased to VSE Corp. and designed to achieve LEED Gold registration. ING is breaking ground this summer and delivering it in the spring of 2011.
The construction financing, however--a rare event in this market--is not necessarily an indication that it is returning. Rather, the project is being driven by the 2005 Base Realignment and Closure act. Indeed, last month Corporate Office Properties Trust announced it was embarking on a development project that could eventually yield 800,000 square feet to 980,000 square feet of office space in the Springfield submarket--all geared to meeting demand created by BRAC. Construction on the proposed 240,000-square-foot first building, called Patriot Ridge, will be in Q4 of this year.
Springfield is home to the National Geospatial Intelligence Agency headquarters, which is currently under construction. A Department of Defense combat support agency, NGA will occupy a 2.4-million-square-foot facility that will be located at Fort Belvoir. Fort Belvoir, of course, is the biggest beneficiary of BRAC in the country. Projects underway at the fort number at least 20 and comprise nearly 6.2 million square feet.
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