Tishman Speyer Gives Tenant The Boot As It Preps for Trophy Renovation

900 19th St., NW

WASHINGTON, DC—Tishman Speyer is planning to renovate its boutique, eight-story 113,577-square foot CBD office at 900 19 ^th St. into a trophy property this year. That is why Tishman Speyer exercised its right to terminate American Continental Group’s lease in the building, according to the Ezra Co., which represented ACG. “ACG was happy in its existing office space at 900 19th St. NW and therefore, we negotiated an early lease renewal for ACG resulting in immediate savings,” says SVP Kenneth King. However , he continued, Tishman Speyer “had the right to terminate the lease if they decided to proceed with their contemplated redevelopment of the building by a certain date.” It worked out for ACG , which moved to 1800 M St. NW, another CBD office that is owned by Prudential Insurance Co. of America. Its new lease is for 13,000 square feet. “The early renewal savings at 900 19th St. NW coupled with the savings ACG realized from relocating to 1800 M St. NW created the optimal value for our client,” according to King. Erica King and Colin Lennon also represented ACG in the transaction. Iron Mountain To Build $350M Data Center Campus in Manassas MANASSAS, VA—Boston-based Iron Mountain Information Management, a subsidiary of Iron Mountain plans to build a $350 million data center  campus in this Prince William County submarket over the next several years. The facilities will service both companies’ and governments’ growing data center needs. There will be three buildings in all, totaling 375,000 square feet and delivering in phases. The first facility is expected to be online in Spring of 2017. The campus will be located on 83 acres at 11650 Hayden Rd., which is a short distance from a new power substation and switching station. As part of the incentives to locate within the jurisdiction, the Prince William Board of Supervisors is allowing the Industrial Development Authority of Prince William County to assign $500,000 in water and sewer availability fee credits to the authority.