The Red Cross will remain in the 274,609 sf building under a short-term sale leaseback transaction. Once its headquarters in Washington, DC are completed the company will relocate freeing space in the building. CBRE's Mike Pepper, Jeff Roman and Malcolm Schweiker are handling the leasing.
Roman tells GlobeSt.com that it has proposals out with potential candidates. The asking rate is going to be in the mid $30s per sf, he says. That is because the vacancy rate is so tight for the submarket, at the moment. "There is very little construction proposed here; only one building is delivering in 2008. Also we feel that with the new metro expansion into Tysons' Corner that will begin in late 2007 there will be tenants looking to Merrifield."
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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.
