Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RESTON, VA-Defunct customized music CD provider MM Companies Inc., once known as musicmaker.com, Inc., has settled on a $2.1 million early termination of its lease on its headquarters at the six-structure Parkridge Center in the heart of the Dulles Corridor. The l0-year lease with Parkridge Five Associates Limited Partnership was worth about $7.4 million and would have expired in 2010.

The internet music company had occupied a 31,200-sf space in the 203,700-sf Parkridge Five building. Aside from MM Companies’ digs, which have been unoccupied since June 30, the structure is fully leased. The termination agreement provides for the building owner to refund any part of the $2.1 million that is acquired through future leases of the vacated space.

Walker & Company developed the 46-acre business park, which is on the verge of opening its sixth and final structure, in the late 1990s. When the developer first started constructing the campus-style complex, the office real estate market was tight. Now, vacancy rates in the Reston-Herndon technology corridors hover in the 21% range.

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?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

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.