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ROCKVILLE, MD-A LCOR-USAA joint venture has nabbed one of the handful of large leases looking for a home in Montgomery County: the Nuclear Regulatory Commission will lease a 362,000 square foot building at LCOR’s North Bethesda Center here, giving the developer the green light to begin a $131-million project, according to R. William Hard, executive vice president of LCOR. NCR signed a 15-year lease.

LCOR has delivered phase 1 of North Bethesda Center, which includes Wentworth House apartments and a Harris Teeter supermarket. The company was waiting for a lead tenant to begin the commercial development phase, Hard tells GlobeSt.com. Ultimately the project calls for 930,000 square feet of office space, 202,000 square feet of retail space, four apartment buildings and a hotel.

With an additional 800,000 square feet of office it would like to build out, LCOR is still on the lookout for additional tenants. It is in discussion with several other federal agencies that are interested in locating or expanding in Maryland, Hard says. “NCR was the first one with whom we were successful.” NCR’s current headquarters are across the street from the 14-story building it will eventually occupy once it is delivered in July 2012.

The new building, which is being designed to Silver LEED standards, will be adjacent to the entrance of the White Flint Metrorail station on the Red Line. The project team includes architect HOK and general contractor Turner. The building will be owned by North Bethesda Center Office One LLC, a joint venture of LCOR and USAA Real Estate Co.

CBRE Government Services Group headed by Tim Hutchens, and Transwestern, with Phil McCarthy and Keith Foery, represented the joint venture in the lease transaction. Studley represented the GSA. The Washington, DC office of Eastdil Secured served as capital markets adviser to LCOR in the transaction. Groundbreaking on the building is scheduled for March 2010.

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