STERLING, VA-Loudon County has extended itslease at Ridgetop Two for 29,140 squarefeet. The building, located at 21641 Ridgetop Circle, islocated in the Loudoun Tech Center here.
Neil Alt and Karen Wright ofLincoln Property Co. represented the landlord,Bavar Properties Group, LLC. JoeJudge and Harry Klaff of JonesLang LaSalle represented the tenant. Bavar Propertiesdeveloped and owns Ridgetop One, Two and Three, all of which total210,000 square feet. Other major tenants in the development includeNeustar and George Mason University.
Clearly the renewal, a five-year term, is a very welcome pieceof business for the Loudoun County submarket as the area posted a15.5% direct vacancy rate at the end of Q3. This renewal, Alt tellsGlobeSt.com, is one of the largest signed in the area for 2012."The good news is we are seeing a pick up in demand by tenants forsmaller sized spaces here, he says. Asking rates at Ridgetop Tworange from $22 per square feet to $25 per square feet.
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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.
