City of Alexandria signs lease in Mark Center
The Institute for Defense Analyses currently occupies the building
The Institute for Defense Analyses (IDA) signed a lease with the city of Alexandria, which will move the city Department of Community and Human Services and the Alexandria Health Department into the current IDA headquarters building in the Mark Center development in 2023, following renovations.
Depending on leasehold improvements, the transaction price will fall between $61.2 million and $68.7 million, says an IDA spokesperson.
Both parties signed the 15-year lease on May 26, which gives the city the option to purchase the building. The city of Alexandria will refurbish the building and move in during February 2023.
The IDA, which operates three federally funded research and development centers, will move out of the building at 4850 Mark Center Drive in early 2022, following the completion of its new $250 million facility in Potomac Yard, located between Arlington and Alexandria counties. Its new 370,000-square foot IDA facility at 730 East Glebe Road will have eight stories split among two towers. Construction is expected to be completed by the end of 2021.
“This is a key milestone in our progress toward Potomac Yard occupancy and continued advancement of our work for our sponsors,” IDA President and CEO Norton A. Schwartz said in a statement. “Eight years ago, we committed to move into a new building in Potomac Yard equipped with the latest technology and security requirements to better support our growing organization.”