NORTHERN VIRGINIA OFFICE MARKET STATISTICS: 1997

NORTHERN VIRGINIA
OFFICE MARKET STATISTICS: 1998

Total Inventory:

112,640,117

New Deliveries and Completed Renovations:

4,412,288

Net Absorption:

2,633,402

Projects Under Construction and Under Renovation:

10,337,913

Vacancy Rate (Excluding Sublet):

3.93%

Vacancy Rate (With Sublet):

4.79%

Office Space Available:

New:

995,940

Relet:

3,430,817

Sublet:

968,705

Total Office Space Available:

5,395,462

Space in Projects Under Construction and Under Renovation:

5,274,972

Under Construction (u/c) and Under Renovation (u/r)

Square Feet

Alexandria

1701 N Beauregard Street

121,199

u/c

Duke Street

95,000

u/c

333 John Carlyle Street

152,000

u/c

277 S Washington Street

137,695

u/r

Arlington

2107 Wilson Blvd

223,927

u/c

3601 Wilson Blvd

116,500

u/c

4201 Wilson Blvd

185,000

u/c

Fairfax

4435 Brookfield Corporate Drive

62,345

u/c

1881 Campus Commons Drive

250,000

u/c

Conference Center Drive @ Stonecroft Blvd

320,000

u/c

14850 Conference Center Drive

70,000

u/c

14900 Conference Center Drive

126,451

u/c

Cooperative Way

160,000

u/c

13645 Dulles Technology Drive

31,000

u/c

13655 Dulles Technology Drive

60,000

u/c

13550 EDS Drive

200,000

u/c

10302 Eaton Place

136,500

u/c

10304 Eaton Place

125,000

u/c

3130 Fairview Park Drive

183,097

u/c

2180 Fox Mill Road

181,509

u/c

11915 Freedom Drive

415,000

u/c

8270 Greensboro Drive

158,363

u/c

8283C Greensboro Drive

180,000

u/c

2565 Horse Pen Road

199,545

u/c

535 Huntmar Park Drive

60,766

u/c

1660 International Drive

204,000

u/c

1676 International Drive

295,964

u/c

1861 International Drive

177,000

u/c

7901 Jones Branch Drive

197,939

u/c

14120 Newbrook Drive

95,340

u/c

14150 Newbrook Drive

60,000

u/c

1760 Old Meadow Drive

100,836

u/c

14280 Park Meadow Drive

114,000

u/c

14151 Park Meadow Drive

135,000

u/c

2600 Park Tower Drive

240,000

u/c

10780-10790 Parkridge Blvd

203,675

u/c

510 Spring Street

62,275

u/c

Sunrise Valley Drive

158,000

u/c

12700 Sunrise Valley Drive

100,000

u/c

Sunset Hills Road

234,784

u/c

Sunset Hills Road

274,959

u/c

12011 Sunset Hills Road

312,683

u/c

12021 Sunset Hills Road

131,782

u/c

2901 Telestar Court

75,000

u/c

Trinity Parkway

91,271

u/c

5801 Trinity Parkway

150,322

u/c

1750 Tysons Blvd

385,554

u/c

520 Van Buren Street

35,288

u/c

524 Van Buren Street

32,545

u/c

8484 Westpark Drive

270,000

u/c

2291 Wood Oak Drive

235,000

u/c

12851 Worldgate Drive

80,582

u/c

12901 Worldgate Drive

80,582

u/c

12950 Worldgate Drive

200,000

u/c

Loudoun County

Lakeside @ Loudoun Tech

101,435

u/c

21240 Ridgetop Circle

52,200

u/c

Route 7 @ Ashburn Blvd

66,000

u/c

Route 7 @ Ashburn Blvd

66,000

u/c

Route 7 @ Ashburn Blvd

67,000

u/c

Waxpool Road

1,300,000

u/c

Total Under Construction (u/c) and Under Renovation (u/r):

10,337,913

1998 Buildings Taken Out of Inventory

Square Feet

None

New Deliveries and Completed Renovations

Square Feet

Alexandria

1703 N Beauregard Street

80,000

1737 King Street

141,048

300 N Lee Street

47,000

103 Oronoco Street

45,000

100 N Pitt Street

70,000

1607 Prince Street

44,000

Arlington

4250 N Fairfax Drive

306,000

4245 N Fairfax Drive

160,000

1820 N Fort Myer Drive

161,787

1421 Jefferson Davis Highway

250,000

Fairfax County

6565 Arlington Blvd

142,730

14520 Avion Parkway

56,354

11480 Commerce Park Drive

145,750

13880 Dulles Corner Lane

150,000

13605 Dulles Technology Drive

48,400

13615 Dulles Technology Drive

52,458

13625 Dulles Technology Drive

29,051

13635 Dulles Technology Drive

36,300

13665 Dulles Technology Drive

90,000

2001 Edmund Halley Drive

175,619

2003 Edmund Halley Drive

147,624

2191 Fox Mill Road

113,903

2195 Fox Mill Road

53,728

2545 Horse Pen Road

200,000

1600 International Drive

88,000

14660 Lee Road

80,000

1860 Michael Faraday Drive

79,500

Newbrook Drive

66,000

1945 Old Gallows Road

168,556

1755-1757 Old Meadow Road

62,000

1761 Old Meadow Road

49,642

13921 Park Center Drive

147,608

13990 Park East Circle

83,305

Park Meadow Drive

80,140

11725 Sunset Hills Road

200,000

14030 Thunderbolt Place

42,196

13241 Woodland Park Road

131,901

12975 Worldgate Drive

165,770

Loudoun County

45245 Business Court

102,518

44860 George Washington Blvd

40,000

22685 Holiday Park Drive

78,400

Total 1998 New Deliveries and Completed Renovations

4,412,288

Largest Non-Renewal Lease Transactions

Address

Square Feet

1) Nextel Communications, Inc.*

2001 & 2003 Edmund Halley Drive

323,243

2) GSA - National Guard

1411 Jefferson Davis Highway

250,000

3) US Postal Service

1735 North Lynn Street

240,364

4) WinStar Telecommunications, Inc.*

2545 Horse Pen Road

200,000

5) DynCorp*

Sunset Hills Road

198,886

6) US Patent & Trademark Office

2451 Crystal Drive

190,000

7) Booz-Allen & Hamilton, Inc.*

8283C Greensboro Drive

180,000

8) Mitre Corporation**

11493 Sunset Hills Road

177,415

9) e.spire Communications, Inc.*

12975 Worldgate Drive

165,770

10) Center for Naval Analysis*

4800 Seminary Road

153,706

11) MCI Communications Coporation

14200 Park Meadow Drive

153,676

*Prelease

**Sale/Leaseback

Largest Office Sales Transactions

Address

Purchaser

Square Feet

Price

1) 2521 & 2531 Jefferson Davis Highway*

Equity Office Properties Trust

877,016

$158,000,000

2) 8045, 8065 & 8075 Leesburg Pike

UBS

431,833

$108,000,000

3) 12020, 12030, 12300, 12310 Sunrise Valley Drive; 7400 - 7420 Fullerton Road; 910 & 930 Clopper Road; 15200 Omega Drive **

Boston Properties

500,000

$92,500,000

4) 1300 Wilson Boulevard

TMW

343,000

$90,650,000

5) 1880 Campus Commons Drive; 12015,11781 Lee Jackson Highway; 1676 International Drive

Brandywine Realty Trust

751,212

$89,556,031

6) 8260, 8280 Willow Oaks Drive

Prentiss Properties

357,000

$72,400,000

7) 3100 Clarendon Boulevard

Jamestown Group

238,183

$ 1,100,000

8) 8300, 8330 Boone Boulevard

ERE Yarmouth

324,668

$57,200,000

9) 1310 N Courthouse Road

The Carlyle Group

353,000

$55,000,000

10) 2361 Jefferson Davis Highway

R.B. Hayes, LP

223,623

$52,000,000

*Percentage purchase in Crystal Holdings, LP

**Office/flex portfolio purchased from Mulligan/Griffin

This list does not include TrizecHahn's 2/98 ($560 million) portfolio purchase.

Total Inventory:	112,640,117
New Deliveries and Completed Renovations:	4,412,288
Net Absorption:	2,633,402
Projects Under Construction and Under Renovation:	10,337,913
Vacancy Rate (Excluding Sublet):	3.93%
Vacancy Rate (With Sublet):	4.79%

Office Space Available:
New:	995,940
Relet:	3,430,817
Sublet:	968,705
Total Office Space Available:	5,395,462
Space in Projects Under Construction and Under Renovation:	5,274,972

Under Construction (u/c) and Under Renovation (u/r)	Square Feet
Alexandria
1701 N Beauregard Street	121,199	u/c
Duke Street	95,000	u/c
333 John Carlyle Street	152,000	u/c
277 S Washington Street	137,695	u/r

Arlington
2107 Wilson Blvd	223,927	u/c
3601 Wilson Blvd	116,500	u/c
4201 Wilson Blvd	185,000	u/c

Fairfax
4435 Brookfield Corporate Drive	62,345	u/c
1881 Campus Commons Drive	250,000	u/c
Conference Center Drive @ Stonecroft Blvd	320,000	u/c
14850 Conference Center Drive	70,000	u/c
14900 Conference Center Drive	126,451	u/c
Cooperative Way	160,000	u/c
13645 Dulles Technology Drive	31,000	u/c
13655 Dulles Technology Drive	60,000	u/c
13550 EDS Drive	200,000	u/c
10302 Eaton Place	136,500	u/c
10304 Eaton Place	125,000	u/c
3130 Fairview Park Drive	183,097	u/c
2180 Fox Mill Road	181,509	u/c
11915 Freedom Drive	415,000	u/c
8270 Greensboro Drive	158,363	u/c
8283C Greensboro Drive	180,000	u/c
2565 Horse Pen Road	199,545	u/c
535 Huntmar Park Drive	60,766	u/c
1660 International Drive	204,000	u/c
1676 International Drive	295,964	u/c
1861 International Drive	177,000	u/c
7901 Jones Branch Drive	197,939	u/c
14120 Newbrook Drive	95,340	u/c
14150 Newbrook Drive	60,000	u/c
1760 Old Meadow Drive	100,836	u/c
14280 Park Meadow Drive	114,000	u/c
14151 Park Meadow Drive	135,000	u/c
2600 Park Tower Drive	240,000	u/c
10780-10790 Parkridge Blvd	203,675	u/c
510 Spring Street	62,275	u/c
Sunrise Valley Drive	158,000	u/c
12700 Sunrise Valley Drive	100,000	u/c
Sunset Hills Road	234,784	u/c
Sunset Hills Road	274,959	u/c
12011 Sunset Hills Road	312,683	u/c
12021 Sunset Hills Road	131,782	u/c
2901 Telestar Court	75,000	u/c
Trinity Parkway	91,271	u/c
5801 Trinity Parkway	150,322	u/c
1750 Tysons Blvd	385,554	u/c
520 Van Buren Street	35,288	u/c
524 Van Buren Street	32,545	u/c
8484 Westpark Drive	270,000	u/c
2291 Wood Oak Drive	235,000	u/c
12851 Worldgate Drive	80,582	u/c
12901 Worldgate Drive	80,582	u/c
12950 Worldgate Drive	200,000	u/c

Loudoun County
Lakeside @ Loudoun Tech	101,435	u/c
21240 Ridgetop Circle	52,200	u/c
Route 7 @ Ashburn Blvd	66,000	u/c
Route 7 @ Ashburn Blvd	66,000	u/c
Route 7 @ Ashburn Blvd	67,000	u/c
Waxpool Road	1,300,000	u/c
Total Under Construction (u/c) and Under Renovation (u/r):	10,337,913

1998 Buildings Taken Out of Inventory	Square Feet
None

New Deliveries and Completed Renovations	Square Feet
Alexandria
1703 N Beauregard Street	80,000
1737 King Street	141,048
300 N Lee Street	47,000
103 Oronoco Street	45,000
100 N Pitt Street	70,000
1607 Prince Street	44,000

Arlington
4250 N Fairfax Drive	306,000
4245 N Fairfax Drive	160,000
1820 N Fort Myer Drive	161,787
1421 Jefferson Davis Highway	250,000

Fairfax County
6565 Arlington Blvd	142,730
14520 Avion Parkway	56,354
11480 Commerce Park Drive	145,750
13880 Dulles Corner Lane	150,000
13605 Dulles Technology Drive	48,400
13615 Dulles Technology Drive	52,458
13625 Dulles Technology Drive	29,051
13635 Dulles Technology Drive	36,300
13665 Dulles Technology Drive	90,000
2001 Edmund Halley Drive	175,619
2003 Edmund Halley Drive	147,624
2191 Fox Mill Road	113,903
2195 Fox Mill Road	53,728
2545 Horse Pen Road	200,000
1600 International Drive	88,000
14660 Lee Road	80,000
1860 Michael Faraday Drive	79,500
Newbrook Drive	66,000
1945 Old Gallows Road	168,556
1755-1757 Old Meadow Road	62,000
1761 Old Meadow Road	49,642
13921 Park Center Drive	147,608
13990 Park East Circle	83,305
Park Meadow Drive	80,140
11725 Sunset Hills Road	200,000
14030 Thunderbolt Place	42,196
13241 Woodland Park Road	131,901
12975 Worldgate Drive	165,770

Loudoun County
45245 Business Court	102,518
44860 George Washington Blvd	40,000
22685 Holiday Park Drive	78,400
Total 1998 New Deliveries and Completed Renovations	4,412,288

Largest Non-Renewal Lease Transactions	Address	Square Feet
1) Nextel Communications, Inc.*	2001 & 2003 Edmund Halley Drive	323,243
2) GSA - National Guard	1411 Jefferson Davis Highway	250,000
3) US Postal Service	1735 North Lynn Street	240,364
4) WinStar Telecommunications, Inc.*	2545 Horse Pen Road	200,000
5) DynCorp*	Sunset Hills Road	198,886
6) US Patent & Trademark Office	2451 Crystal Drive	190,000
7) Booz-Allen & Hamilton, Inc.*	8283C Greensboro Drive	180,000
8) Mitre Corporation**	11493 Sunset Hills Road	177,415
9) e.spire Communications, Inc.*	12975 Worldgate Drive	165,770
10) Center for Naval Analysis*	4800 Seminary Road	153,706
11) MCI Communications Coporation	14200 Park Meadow Drive	153,676
*Prelease
**Sale/Leaseback

Largest Office Sales Transactions
Address	Purchaser	Square Feet	Price
1) 2521 & 2531 Jefferson Davis Highway*	Equity Office Properties Trust	877,016	$158,000,000
2) 8045, 8065 & 8075 Leesburg Pike	UBS	431,833	$108,000,000
3) 12020, 12030, 12300, 12310 Sunrise Valley Drive; 7400 - 7420 Fullerton Road; 910 & 930 Clopper Road; 15200 Omega Drive **	Boston Properties	500,000	$92,500,000
4) 1300 Wilson Boulevard	TMW	343,000	$90,650,000
5) 1880 Campus Commons Drive; 12015,11781 Lee Jackson Highway; 1676 International Drive	Brandywine Realty Trust	751,212	$89,556,031
6) 8260, 8280 Willow Oaks Drive	Prentiss Properties	357,000	$72,400,000
7) 3100 Clarendon Boulevard	Jamestown Group	238,183	$ 1,100,000
8) 8300, 8330 Boone Boulevard	ERE Yarmouth	324,668	$57,200,000
9) 1310 N Courthouse Road	The Carlyle Group	353,000	$55,000,000
10) 2361 Jefferson Davis Highway	R.B. Hayes, LP	223,623	$52,000,000

*Percentage purchase in Crystal Holdings, LP
**Office/flex portfolio purchased from Mulligan/Griffin
This list does not include TrizecHahn's 2/98 ($560 million) portfolio purchase.