ARLINGTON, VA–GlobeSt.com caught up with CBRE's Malcolm Schweiker to find out more about Metropolitan Washington Airports Authority's 74,248-square foot lease at Two Potomac Yard.
Why it's a full-term lease: This is a permanent move for the authority. The airport is building a passenger concourse that will replace the current outdoor aircraft gates.
USAA Real Estate's lucky timing: The Environmental Protection Agency had been occupying all of One Potomac Yard and half of Two Potomac Yard. It scaled back its space and moved out of Two Potomac Yard to occupy One Potomac Yard in a new five-year lease. That space was available for MWAA when they began their search.
MWAA's fast process: Unlike a lot of tenants in this current market, MWAA was not reluctant to commit and, in fact, went through the lease process in a matter of four months. There was some urgency as it needed to move by early 2017.
MWAA's unique requirements: Most tenants like a nice view. Few tenants like that nice view to be of the airport. More to the point, MWAA needed a building with sufficient IT hardware and infrastructure that could integrate into the Reagan National's IT backbone. The deal didn't go through until IT was satisfied its component could work.
Concessions: Yes, there were some, including additional TI dollars. Other than that CBRE cannot discuss it.
ARLINGTON, VA–GlobeSt.com caught up with CBRE's Malcolm Schweiker to find out more about Metropolitan Washington Airports Authority's 74,248-square foot lease at Two Potomac Yard.
Why it's a full-term lease: This is a permanent move for the authority. The airport is building a passenger concourse that will replace the current outdoor aircraft gates.
USAA Real Estate's lucky timing: The Environmental Protection Agency had been occupying all of One Potomac Yard and half of Two Potomac Yard. It scaled back its space and moved out of Two Potomac Yard to occupy One Potomac Yard in a new five-year lease. That space was available for MWAA when they began their search.
MWAA's fast process: Unlike a lot of tenants in this current market, MWAA was not reluctant to commit and, in fact, went through the lease process in a matter of four months. There was some urgency as it needed to move by early 2017.
MWAA's unique requirements: Most tenants like a nice view. Few tenants like that nice view to be of the airport. More to the point, MWAA needed a building with sufficient IT hardware and infrastructure that could integrate into the Reagan National's IT backbone. The deal didn't go through until IT was satisfied its component could work.
Concessions: Yes, there were some, including additional TI dollars. Other than that CBRE cannot discuss it.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.