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WASHINGTON, DC-Bank-Fund Staff Federal Credit Union just inked a 48,707-sf lease at 1725 Eye St., a well recognized address in the District’s CBD. The asking rate in the 241,695-sf building, which will reach close to full occupancy when BFSFCU moves in, is $48 per sf, full service.BFSFCU assumed the space of an existing tenant in the building, National Cooperative Bank, which terminated its lease in order to expand. There was not enough additional space for NCB at 1725 Eye St., which eventually found roughly 80,000 sf at a lower rental rate in Crystal City, VA, Tonya Ginter, director of research at GVA Advantis, tells GlobeSt.com.

Executive director Brian Ball, associate director Chris Coccaro and senior financial analyst Brendan Scanlon of the Washington, DC office of GVA Advantis, represented BFSFCU. The landlord, Farragut Center LLC, was represented by VP of commercial leasing Carla Cavanaugh of the Cafritz Co.

Vornado Realty Trust represented NCB. According to Ginter, Vornado paid the $6 per sf or so rent differential to move NCB to Crystal City.

Tight space in the DC area market is a running theme throughout this transaction, Ginter says. BFSFCU, which had 23,000 sf at 1750 H St., wanted to expand there but was unable to because of space constraints. “They have kept the 23,000 sf, in which Ball originally placed them, and moved to 1725 Eye St. to accommodate their expansion,” she says.

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