Government Renews 247,100-SF Office Lease

BETHESDA, MD-The US General Services Administration has signed on the dotted line for a 10-year lease renewal for the National Institutes of Health at the 247,100-sf Two Rockledge Centre. NIH occupies the entire 10-story structure, and last made a commitment to the property back in July of 1995.

Under the terms of its agreement with property owner TIAA Realty Inc. the agency will continue to occupy the structure at a rate of $28.75 per sf; the average rate for class A office properties in Bethesda, where the vacancy rate is 9.5%, is $33.44, according to Cushman & Wakefield’s Mid-Year 2005 office report for Metropolitan Washington, DC. Spaulding & Slye Colliers’ Marcy Owens Test and Bernie McCarthy represented TIAA, while Peter Marcin and Kevin Wilson of Capital Creag spoke for GSA.