Bank Signs on for Early Renewal and Expansion

FALLS CHURCH, VA-The 215,000-sf two-building office property at 7600 Leesburg Pike is the best place to be, at least Acacia Federal Savings Bank thinks so. The financial concern has decided to renew the lease on its 27,200-sf space well in advance of expiration, and tack on an additional 6,100 sf in the deal. Cresa Partners/Washington DC advised Acacia in the transaction, while CB Richard Ellis stood in for the property owner, the Estate of James Campbell.

“We were able to realize savings through the end of the lease term in addition to stabilizing a favorable rate for a long-term lease, thus satisfying the tenant’s short and long-term needs at this location,” Cresa Partners’ Gene Sachs says. The specifics of the favorable rate are not being disclosed, however, CBRE markets space in the building at $32 per sf. Acacia’s neighbors at 7600 Leesburg Pike include educational consulting firm Corporate University Enterprise Inc., the Data Interchange Standards Association and Great-West Healthcare.