Clavert's lease renewal came early, as its original lease was not scheduled to expire until December of 2005. While the terms of the lease have not been disclosed, space in the building goes for $30 to $33 per sf.
"The renewal and expansion of the Calvert lease is indicative of the ownership's strong commitment to its existing tenant base," says Spaulding & Slye Colliers vice president Bernie McCarthy, who represented building owner Bethesda ARC LLC in the transaction. "Tenants, while initially attracted to the building's many amenities and location, remain because of the excellent on-site property management and the ownership's dedication to its existing tenants."
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