This particular transaction was an expansion and lease renewal. However Arlington has been attracting a number of new tenants as the District grows more crowded and rental rates – especially for class A and trophy buildings – continue to rise. In particular, the federal government has been taking large chunks of space in this submarket. In May, the Department of Defense renewed a 235,983-sf lease with Bethesda-based Lerner Enterprises at a class B office building in Arlington. Earlier this year, the US Patent and Trademark Office signed a 10-year lease to occupy 168,468 sf at 2800 S. Randolph St. and the Social Security Administration renewed 334,103-sf at 511 Leesburg Pike, which is owned by Vornado.
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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.
