Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Quadrangle Development Corp. has signed leases with two more tenants for the second phase of its Towers Crescent project in McLean, VA, which will be completed in October.

A spokesman for Washington-based Quadrangle says commercial real estate firm Grubb & Ellis Co. and law firm Venable, Baetjer and Howard LLP signed 10-year leases for a combined 62,000 sf of space.

The second phase of the project, begun in April, consists of two buildings reportedly 75% pre-leased.

The per-square-foot price on the leases was not revealed, but a source said rents in the McLean area are going from the mid-thirties to the mid-forties and those leases were at the low end of the range.

Grubb & Ellis leased 13,622 sf at 8020 Towers Crescent Dr., a nine-story, 200,000-sf building. Its own Phil Meany represented the firm. Venable leased 49,539 sf at 8010, a five-story, 100,000-sf building.

Aaron Katz of Insignia, who represented Venable, tells GlobeSt.com that his client got a good deal. “The market has been so owner-oriented that during the process of negotiation owners did not have to give expansion opportunities to clients.” But options were available and he notes that Venable took an option to expand its space in years five and eight of its lease. Quadrangle will have short-term tenants in the interim. Katz did not say how much additional space Venable would get under that agreement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.