James Hunter of Cassidy & Pinkard Colliers represented System Planning in the transaction. Malcolm Schweiker of CB Richard Ellis represented Teachers Insurance and Annuity Association of America--the owner of the 116,000-sf, six-story seven-year-old building.
The new lease also allows the company to expand even further should another tenant leave. The firm might well opt for that scenario should the space become available, Hunter tells GlobeSt.com. "There is a very strong rental market in Arlington at the moment and space here is especially in demand among government contractors because this is the closest in submarket to the District."
Hunter declined to provide terms of the lease other than to say that the rate System Planning will pay falls within market norms for the submarket. Right now, a newer building can fetch between $36 per sf and $39 per sf, full service.
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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.
