Commercial real estate roundup
- February 22, 2010
WASHINGTON, D.C — The American Health Lawyers Association (AHLA) will leave its office on Connecticut Avenue NW and return to an early commercial location on Eye Street NW. The association signed a 10-year, 11,000-square-foot lease for the sixth floor of the building, according to real estate adviser Studley. Studley negotiated a lease that will save the firm 34 percent in total rent costs over the life of the lease. “This is both a nostalgic and cost-effective move for us,” said AHLA’s Chief Operating Officer Wayne Miller.
This Washington, D.C., office building, located at 1801 K Street, N.W., is a Class A office building.
WASHINGTON, D.C. — Although the vacancy rate in Washington’s Class A office market surpassed 12 percent in 2009, the market is expected to recover this year, according to an annual report from Jones Lang LaSalle. The firm’s annual Trophy Market Report said rents fell 12.9 percent last year as supply outpaced tenant demand. However, the market saw positive net absorption by year end, a trend that’s expected to continue. Concessions for trophy buildings in 2009 included an average improvement allowance of about $90 per square foot.
TYSONS CORNER — Appian Realty Advisors has created a new division, Appian Capital LLC, reports GlobeSt.com. The new funding arm, headed by Managing Partner Tom Sandlin, will place debt and equity funding for new projects throughout the mid-Atlantic.
HENRICO COUNTY — Advance Trailer Systems Inc. signed a 76,166 square-foot lease in Interport Business Center on Eubank Road. Thalhimer’s Richmond office handled lease negotiations.
VIRGINIA BEACH — Virginia Natural Gas is moving into a new headquarters this fall. To consolidate administrative and operations staff, the company is leasing 32,500 square feet as part of a 15-year lease at Lakeview Corporate Center. The two-story brick and glass building will offer many green components upon its completion during the third quarter. The deal was put together by landlord Armada Hoffler and brokers from Divaris Real Estate Inc. along with brokers representing Virginia Natural Gas, C.B. Richard Ellis and Harvey Lindsay Commercial Real Estate.