ARLINGTON, VA-Around the country office--and even retail--landlords have been enticing non-traditional tenants to backfill vacant space. Education--for-profit colleges in particular--has been a growth category, including in the DC area. The latest example is Denver-based Alta Colleges, the parent company of Westwood College. It is taking 39,600 square feet at 4420 N. Fairfax Dr. here.
The deal is a consolidation of other area locations, says Ryan Miller, vice president at CB Richard Ellis, who along with Greg Holm, the national account lead in CBRE’s Denver office, represented Alta Colleges. “But it is clear that education is a growth tenant in the DC area.” For instance, when CBRE was out in the market looking for space for Alta, he tells GlobeSt.com, Georgetown and George Washington University were both looking to accommodate new space in the Ballston-Rosslyn corridor as well.
The firm eventually opted for the 4420 N. Fairfax Dr., which is owned by JBG Cos. Westwood will occupy all of the five-story building with the exception of the top floor and a portion of the first floor that is reserved for retail use.
Finding space for educational use in an office building, however, is not easy. A student body does not necessary mesh with more typical office tenants, Miller says. In this case, it worked out well as Westwood is getting its own building for all intent. “That is what made the deal attractive to both Westwood and JBG," he adds.
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