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SILVER SPRING, MD-The Department of Veteran Affairs has inked a 21,500-square-foot lease at 8455 Colesville Rd., a 215,000-square-foot building here owned by TA Associates Realty. It is a new deal for the market, according to Bob Dickman of McShea & Co. Dickman, along with colleagues Bob Wrightson and Andy Shulman represented TA Associates in the deal.

The lease is for ten-years and brings the building to a 95% occupancy rate, McShea’s Tiffany Molini tells GlobeSt.com. Other tenants in the 22-year old, 16-story building include the American Music Therapy Assoc. The VA will be occupying the twelfth floor. Asking rates are $32.50 full service, according to Molini.

Like all submarkets in the DC area, Silver Spring experienced a rising vacancy rate in the past year. In a market report, McShea found that leasing activity rebounded somewhat in the second quarter as more tenants began to take advantage of the market conditions.

The government–federal, state and county–has been filling in much of this void as well, of course. Recently Montgomery County sublet 341,962 square feet at 100 Edison Park Dr. in Gaithersburg, the report said. Also, the FDA and GSA renewed a total of 264,262 square feet at four different locations in the county. MedImmune recently leased 50,000 square feet at 950 Wind River Lane, a newly purchased building whose sale was based on the lease. Now, VA joins the mix. “Given the economy and market condition, it is a plus we are able to sign VA in this building for such as long term and good amount of space,” Molinia says.

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