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HERNDON, VA-Cisco Systems — the San Jose, California-based Internet networking equipment maker–will likely put 189,000 sf of space up for sublease at its location on Dulles Technology Drive, sources close to the deal say. The company pre-leased the Dulles Executive Plaza II building late in 2000, well before its summer completion, but never moved into the new quarters.

Cisco’s building also comes with 1,200 surface and garage parking spaces. In April, industry experts estimated the value of the Dulles Executive Plaza I and II buildings at roughly $250 per sf. Average rents for tenants is about $36 per sf. CB Richard Ellis represents the West Coast company and will handle any sublease arrangements. Cisco officials were unavailable for comment.

According to CB Richard Ellis’s third quarter report on the Northern Virginia office market, “direct vacancy increased to 5.35% from the second quarter’s 4.61%. The rise of the vacancy rate is attributed to the high number of technology companies that have been affected by the recent market slowdown.”

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