(Read more on the industrial market.)
FAIRFAX, VA-Colony Realty Partners, a Boston-based investment fund, has awarded the bulk of its Northern Virginia holdings to Jones Lang LaSalle as exclusive leasing manager. The seven asset office and industry portfolio--which excludes two other office buildings and some retail holdings in Northern Virginia owned by Colony--is approximately, one million sf and is 95% occupied. Marc Bassin, along with Brian Connolly and Yorke Allen, of JLL will handle leasing for the portfolio.
The seven properties include: Crown Ridge, a 191,237-sf eight-story building at 4035 Ridge Top Rd; Fair Oaks Commerce Center, a 140,094-sf, six-story building at 11320 Random Hills Rd; 3701 Pender Dr., a 102,435-sf, five-story building; 3702 Pender Dr., a 78,419-sf, four-story building; Park Center, a 108,000-sf three-story building located at 14040 Park Center Rd; 1800 Alexander Bell Dr, a 138,450-sf, six-story building; and 7701 Southern Dr., a 251,178-sf industrial building.
Asking rates for the building vary, of course. 3702 Pender's rate is current $27.50 per sf; 3701 Pender ranges between $27 and $29 per sf; 1800 Alexander Bell is $28 per sf and Fair Oaks Commerce Center comes in at $30 to $31 per sf. The other buildings are fully leased.
There are other variations in the portfolio as well, Bassin tells GlobeSt.com. Crown Ridge, for instance, is currently fully leased to eight sub-tenants from the original lease holder, government contractor CGI. These will be converted to prime tenants when CGI's original lease expires, Bassin says. "So there is a lot of value that can be added when that happens."
3701 Pender Dr currently has the largest vacancy with more than 50,000 sf available for lease. A renovation of the lobby and common areas is planned. At Park Center, NEC Corp of America is the major tenant, with its lease set to expire in 2009. "We are doing what we can to retain the tenant and extend them out to a long term lease," Bassin says. By contrast, Fair Oaks Commerce Center, a class A building, is nearly fully occupied by the FBI and a large government contractor, TKC communications.
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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.
