by Paula C. Squires
2291 Wood Oak Dr., Herndon
MCLEAN — Northern Virginia is seeing a slew of office relocations. Keane Inc., a technology company, signed a 25,598-square-foot lease to move its McLean Keane Federal Systems office to 1660 International Drive in Tysons Corner. The company plans to move from Spring Hill Road into its new space by this month. Studley represented Keane in the transaction.
RESTON — Capital Edge Consulting, Inc. has relocated its offices in Reston to 11710 Plaza America Drive, near the Reston Town Center. The government contractor said it wanted a more centrally located, prominent space.
WASHINGTON, D. C. — The Sierra Club, the country’s oldest and largest grassroots environmental organization, is moving to a new, green space. It has signed a lease for 27,238 square feet on F Street, NW, in a 216,000-square-foot Class A building owned by Normandy Real Estate. Sierra will build out new offices certified under the Leadership in Energy and Environmental (LEED) designation. The impending move enables the organization to consolidate two local offices. Newmark Knight Frank represented Sierra in the transaction.
FALLS CHURCH — Brandywine Realty Trust Inc. reported 1.37 million square feet of new and renewed leases during the fourth quarter of 2010. The Washington, D. C., market accounted for 294,304 square feet, and Richmond accounted for another 183,253 square feet. One of the biggest deals was in Richmond when PPD Inc. signed a 91,987 square-foot renewal and added an additional 34,503 square feet in an expansion on Dabney Road. The Wilmington, N.C.-based company is a leading contract drug research organization. In Northern Virginia, Deltek Systems and CA Technologies both took space at 2291 Wood Oak Dr. in Herndon.
LEESBURG — The Village at Leesburg, a 1.2 million square-foot mixed-use project, picked up two new leases. Arcadia Development, a California-based real estate company, leased 5,635 square feet of space while Atlantic Law, a local firm, took another 13,282 square feet. Sperry Van Ness/Vaaler Real Estate, the exclusive brokerage for The Village, assisted in lease negotiations.
RICHMOND — Open Plan Systems has leased 38,000 square feet on Bells Road. Thalhimer handled lease negotiations. Cushman & Wakefield |Thalhimer also assisted J. J. Haines and Co. Inc. in a renewal of its lease of 19,800 square feet at 4715 Richneil Road in Henrico County.
NEWPORT NEWS — The Mumford Co.’s Virginia office represented an institutional client in the sale of the Plaza Hotel at Carowinds in Fort Mill, S.C., to Shreeji Carowinds LLC. The buyer owns and operates other properties in the Carolinas and plans to renovate the 198-room, high-rise hotel.
NEWPORT NEWS — Cushman & Wakefield | Thalhimer has been selected by Maritime Square LLC for the exclusive leasing and property management of the 2600 Building, a 135,352-square-foot, 10-story downtown office property at 2600 Washington Ave.
CHESAPEAKE — Logistics company MID Inc. has leased 38,000 square feet on Fenway Avenue. Cushman & Wakefield |Thalhimer handled lease negotiations. It also assisted SVD Properties LLC in leasing 36,000 square feet on Waller Mill Road in Williamsburg.
RECOVERY FOR U.S. WAREHOUSE SECTOR? CoStar Group Inc. is reporting an accelerated level of leasing for warehouse properties in the fourth quarter. “We saw good, stronger demand in the fourth quarter, given the historic low levels of warehouse supply,” Jay Spivey, CoStar’s senior director of research and analytics said in a statement. “That will eventually translate into higher rents. The story is pretty good. “
Nationally, the industrial market saw 29 million square feet of positive net absorption in the fourth quarter, a big spike from the 11 million and 10 million square feet of space reported in the third and second quarters.
Co-Star, a Washington-D.C. based commercial real research and analytics firm, noted that the positive market outlook comes as two warehouse industry giants discuss a possible merger. Denver-based ProLogis and San Francisco-based AMB Property confirmed to The Wall Street Journal that that they are in discussions over a potential merger that could combine the two companies in an all-stock, at-market transaction. If the deal goes through, it would represent one of the largest combinations of publicly traded real-estate companies, with the combined market capitalization for the two at nearly $14 billion.
Coming in the February issue of Virginia Business: Commercial real estate focuses on financing and development. Learn who’s in the market and how deals are getting done.
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