Crestline Gets Subleasing Deal

MCLEAN, VA-Real estate company Crestline Capital Corp. makes a deal with Houston, TX-based BMC Software to sublease 27,465-sf of the company’s space in the Greensboro Corporate Center. BMC signed its lease for 100,000 sf of space in the structure at 8405 Greensboro Drive in April of last year for a 10-year term, but never occupied the portion Crestline is subleasing.

“The deal somewhat reflects what’s going on in the marketplace right now,” Grubb & Ellis’s Tony N. Womack. Womack’s company represented Crestline in the transaction. “They’re benefiting from a soft market in that it’s space that’s never been used. BMC is paying in the low $30 per-sf. Crestline is saving in excess of 25% on the space.” Greensboro Corporate Center cost $42 million to construct in 2000 and consists of two ten-story, almost identical buildings accounting for a total of about 420,000-sf.