Pinnacle Towers is a 434,602 sf class A office building complexacquired by Corporate Office Properties Trust in 2004. Randall M.Griffin, president and CEO, says in a statement that PinnacleTowers is now 99% leased with this transaction. "In addition, thislease brings COPT's entire 2.5-million-sf Northern Virginiaportfolio to 99% leased."
Tonya Ginter, director of research of GVA Advantis, tellsGlobeSt.com that this is one of the largest leases signed inTyson's Corner this year. "For the most part, this year we haveseen a lot of medium-sized transactions with exception of NorthropGrumman, which leased 129,204 sf at 1505 Farm Credit Dr."
Other leases signed in Tyson's Corner this year have been in the21,000-sf to 23,000-sf range. "This new deal with KSI bodes wellfor Tyson's as we'd like to see its vacancy rate drop below 10%,"Ginter says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
