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Association Plans $49 Mil. Office Project in Ballston

ARLINGTON, VA-The National Rural Electric Cooperative Association plans to break ground soon on an 11-story office building in Arlington. Work on the 235,000-sf project, dubbed the Ellipse, is scheduled for the end of the first quarter in 2001.

By Mike Cleary | Updated on October 19, 2000

ARLINGTON, VA-The National Rural Electric Cooperative Association plans to break ground soon on an 11-story office building in Arlington. Work on the 235,000-sf project, dubbed the Ellipse, is scheduled for the end of the first quarter in 2001. The association believes that it has timed the $49-million project well, in time to catch the wave of demand while it lasts, but waiting long enough to avoid competing with two other neighborhood buildings now under construction.

“There’s not a lot of large blocks of space available and a lot of tenants that want to be in Rosslyn,” says Pat Gioffre, executive vice president and chief financial officer of NRECA. The association is seeking rents of $34 to $36 per sf on the building, which will be located at 4401 Wilson Boulevard. It is marketing to corporate tenants, associations and even government agencies.

NRECA bought the land in 1992 and built its headquarters on the first parcel. Since the association didn’t expand as quickly as anticipated, it has decided to build speculatively on the other parcel. Arlington’s Ballston neighborhood, one of the five organized around Orange Line Metro stations in the county, has a vacancy rate between 2% and 3%, and demand remains strong, brokers claim.

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