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RESTON, VA-A new lease by a subsidiary of a leading tech firm has brought a local owner-occupied building to full occupancy. Ericsson Federal, a federal contractor and subsidiary of the multinational company, Ericsson, has taken 21,185 square feet in the building. CNRI is a not-for-profit organization formed in 1986 to foster research and development in information infrastructure.

Located at 1895 Preston White Dr., and also known as Audubon 3, the building is a 61,191 square foot office in the Branches office park along the Dulles Corridor. Ericsson Federal will occupy the entire third floor. Transwestern agent, Matt Bundy represented CNRI in this transaction. Transwestern did not return a call to GlobeSt.com in time for publication.

Reston, like many submarkets, has been feeling the duel pinch of the recession and credit crunch. Jones Lang LaSalle’s market research report on Q4 2008 activity in the DC area reports that recent deals in Reston-Herndon have featured several months of free rent, along with tenant improvement allowances in the $70 to $80 range, per square foot. Right now the submarket has a direct vacancy rate 16.22% according to JLL, and an average asking rent of $29.04.

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