RESTON, VA-Two deals inked here have taken 744,808 square feet off the market in recent days. The most recent transaction is a 523,482-square-foot lease by the Defense Intelligence Agency at Boston Properties’ Patriots Park here. Cassidy Turley’s Darian LeBlanc, Scott Killie, Allison Berry and Bisa Delgado represented Boston Properties. T.C. Hairston and Terry Reid at the GSA represented the government along with the CB Richard Ellis team of Henry Chapman and Leroy Battle.
When all was said and done, the 20-year deal closed at the mid $30s per square foot, LeBlanc tells GlobeSt.com. This lease had been out on the market for close to two years, he adds. The government agency selected this location because it met the new anti-terrorism building standards requirements and because of its proximity to the future Reston metro line.
Cassidy Turley also helped broker the other major lease in Reston: VeriSign, which signed on for 221,326 square feet of space at the Sallie Mae headquarters, located at 12061 Bluemont Way. VeriSign is one of a handful of companies that is moving its headquarters from California to Northern Virginia. The 15-year lease is valued at $105.8 million.
VeriSign is an exception to the large leases that have been signed in the DC area--most have been by government agencies, such as the DIA lease. LeBlanc believes this one will be the last for the year, despite the large number of government deals still out on the market. “We will see the next wave of large requirements sign deals next year,” he predicts. Among the largest--the Department of Homeland Security consolidation, which will weigh in at 1.2 million square feet--will likely be signed in the third quarter of 2011, LeBlanc says.
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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.
