WASHINGTON, DC-The Transportation Security Administration has renewed its lease for 546,000 square feet of space in two buildings at Pentagon City owned by Brookfield Office Properties.
The renewal is for a five-year term for space at 601 and 701 S. 12th St., both 12-story office towers Brookfield acquired from National Retail Properties of Orlando in 2006 for $230 million.
The short-term lease allows Brookfield to retain TSA and allows both TSA and Brookfield sufficient time if TSA decides to relocate to larger quarters at the end of the lease term, according to the Washington Business Journal.
"They've invested heavily in this space, and it works for them locationally, being close to Reagan National Airport," says Brookfield Senior Vice President Greg Meyer. "TSA's our largest tenant, and renewing them is an important part of our efforts to maintain a high occupancy rate in our portfolio."
Colliers International's Charles Dilks Jr. and Brookfield's Daniel Purrington brokered the lease renewal. See story in the Washington Business Journal.
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