Pinnacle Towers is a 434,602 sf class A office building complex acquired by Corporate Office Properties Trust in 2004. Randall M. Griffin, president and CEO, says in a statement that Pinnacle Towers is now 99% leased with this transaction. "In addition, this lease brings COPT's entire 2.5-million-sf Northern Virginia portfolio to 99% leased."
Tonya Ginter, director of research of GVA Advantis, tells GlobeSt.com that this is one of the largest leases signed in Tyson's Corner this year. "For the most part, this year we have seen a lot of medium-sized transactions with exception of Northrop Grumman, which leased 129,204 sf at 1505 Farm Credit Dr."
Other leases signed in Tyson's Corner this year have been in the 21,000-sf to 23,000-sf range. "This new deal with KSI bodes well for Tyson's as we'd like to see its vacancy rate drop below 10%," Ginter says.
At the end of Q2 the vacancy rate for the submarket was 10%, down from 11.2% the previous quarter. Average rental rates in this market are around $27.14 per sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
