CACI will be the sole occupant in the first building BPG has developed--a $48 million, 160,000-sf, five-story class A structure the company delivered in Q3 2007. BPG is breaking ground on the second building, which CACI will only partially occupy at 60,000 sf, next week, Roy C. Perry, senior vice president who was responsible for the lease transaction for BPG, tells GlobeSt.com. CACI will be occupying two floors, which is scheduled for delivery in June 2009. Asking rates for the second building, which will be similar in cost and specs to the first, will be about $31 per sf, net of electric, Perry says.
CACI was represented by Mike Christian and Junius Tillery of UGL Equis. BPG was represented by Michael Shuler, John McEvilly, Doug Eliott and Rob Walters of Millennium Realty Advisors.
The first building, representing phase I of BPG's build out, is equipped with an IT backbone and also has sustainable design features. The building is situated adjacent to two fully approved building sites, each of which can accommodate a 160,000 sf office building.
Last year, BPG received approvals for Phase II, which includes approximately 340,000 sf of retail and office space, along with a Westin and an Element hotel. Phase III, which has also been approved, will include three mid-rise office buildings that can meet GSA security and setback requirements, on the east side of the site across from the retail and hotel development. These buildings will accommodate up to 595,000 sf of office space with structured parking.
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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.
