A spokesman for Washington-based Quadrangle says commercial real estate firm Grubb & Ellis Co. and law firm Venable, Baetjer and Howard LLP signed 10-year leases for a combined 62,000 sf of space.
The second phase of the project, begun in April, consists of two buildings reportedly 75% pre-leased.
The per-square-foot price on the leases was not revealed, but a source said rents in the McLean area are going from the mid-thirties to the mid-forties and those leases were at the low end of the range.
Grubb & Ellis leased 13,622 sf at 8020 Towers Crescent Dr., a nine-story, 200,000-sf building. Its own Phil Meany represented the firm. Venable leased 49,539 sf at 8010, a five-story, 100,000-sf building.
Aaron Katz of Insignia, who represented Venable, tells GlobeSt.com that his client got a good deal. "The market has been so owner-oriented that during the process of negotiation owners did not have to give expansion opportunities to clients." But options were available and he notes that Venable took an option to expand its space in years five and eight of its lease. Quadrangle will have short-term tenants in the interim. Katz did not say how much additional space Venable would get under that agreement.
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