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MDP Buckman Will Development South County Center

ALEXANDRIA, VA-Next month will see the beginning of development of a government office building here on Richmond Highway. At the end of the lease the county will have the option of buying the land.

By Diane Cook | Updated on November 21, 2000

ALEXANDRIA, VA-Construction will begin in early December on a 152,776 net rentable square foot, five-story office building for Fairfax County government. The building, which will consolidate essential government services, will be located at 8350 Richmond Highway, Fairfax County, Alexandria.

MDP, Buckman, LLC executed a 30-year lease with the county and closed on a $29 million Sterne Agee and Leach, long-term, lease-purchase financing, allowing the company to move forward with construction. The low interest, lease-purchase structure provides a $13.58+/- triple net, fixed rental rate for the lease term. Additionally, at the end of the lease, the county can buy the land and building for $1.00.

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