1999 YEAR-END MARKET REPORT
Northern Virginia Office Report
| Total Inventory: |
115,089,295
|
||
| New Deliveries and Completed Renovations: |
10,014,669
|
||
| Net Absorption: |
8,041,957
|
||
| Projects Under Construction and Under Renovation: |
10,538,712
|
||
| Vacancy Rate (Excluding Sublet): |
4.08%
|
||
| Vacancy Rate (With Sublet): |
5.34%
|
||
| Office Space Available: | Square Feet | ||
| Direct (New + Relet): |
4,693,207
|
||
| Sublet: |
1,457,668
|
||
| Total Office Space Available: |
6,150,875
|
||
| Space in Projects Under Construction and Under Renovation: |
5,882,628
|
||
| Under Construction (u/c) and Under Renovation (u/r) | Square Feet | ||
| Alexandria | |||
| 4825 Mark Center Drive |
211,000
|
u/c
|
|
| 1900 Duke Street |
95,000
|
u/c
|
|
| 675 N Washington Street |
94,993
|
u/c
|
|
| 625 N Washington Street |
94,993
|
u/c
|
|
| Arlington | |||
| 1515 N Courthouse Road |
248,580
|
u/c
|
|
| 671 N Glebe Road |
225,000
|
u/c
|
|
| 3811 N Fairfax Drive |
160,000
|
u/c
|
|
| Quincy Crossing, Wilson Boulevard @ Quincy Street |
114,756
|
u/c
|
|
| Fairfax County | |||
| 7950 Jones Branch Drive |
800,000
|
u/c
|
|
| 11951 Freedom Drive |
415,000
|
u/c
|
|
| 2941 Fairview Park Drive |
322,000
|
u/c
|
|
| Mitre Corporation, Colshire Drive |
310,000
|
u/c
|
|
| 1600 Tysons Boulevard |
295,000
|
u/c
|
|
| 7555 Colshire Drive |
285,000
|
u/c
|
|
| 7575 Colshire Drive |
285,000
|
u/c
|
|
| Metro Park at Springfield Metro III, Franconia Springfield Parkway |
260,000
|
u/c
|
|
| New Dominion Tech Center, Buchanan Drive @ Herndon Parkway |
240,000
|
u/c
|
|
| 11111 Sunset Hills Road |
216,469
|
u/c
|
|
| 8444 Westpark Drive |
211,000
|
u/c
|
|
| 8405 Greensboro Drive |
209,151
|
u/c
|
|
| 8401 Greensboro Drive |
209,151
|
u/c
|
|
| 12950 Worldgate Drive |
204,903
|
u/c
|
|
| 12000 Sunrise Valley Drive |
185,000
|
u/c
|
|
| 13530 Dulles Technology Drive |
183,274
|
u/c
|
|
| 8283C Greensboro Drive |
180,000
|
u/c
|
|
| 1861 International Drive |
177,000
|
u/c
|
|
| 14685 Avion Parkway |
166,046
|
u/c
|
|
| South Pointe II, Sunrise Valley Drive |
158,896
|
u/c
|
|
| 8270 Greensboro Drive |
158,050
|
u/c
|
|
| Plaza Ridge I, Dulles Toll Road |
156,247
|
u/c
|
|
| Plaza Ridge II, Dulles Toll Road |
156,247
|
u/c
|
|
| 15059 Conference Center Drive |
145,192
|
u/c
|
|
| Stonegate at Westfields, Conference Center Drive @ Lee Road |
141,630
|
u/c
|
|
| Metro Park at Springfield Metro I, Franconia Springfield Parkway |
133,000
|
u/c
|
|
| 220 Spring Street |
130,000
|
u/c
|
|
| Metro Park at Springfield Metro II, 6350 Walker Lane |
129,598
|
u/c
|
|
| 12120 Sunrise Valley Drive |
123,546
|
u/c
|
|
| 13650 Dulles Technology Drive |
113,093
|
u/c
|
|
| 13600 Dulles Technology Drive |
113,093
|
u/c
|
|
| Pender Business Park III, Pender Drive |
113,093
|
u/c
|
|
| 4805 Stonecroft Boulevard |
110,000
|
u/c
|
|
| 4501 Singer Court |
102,000
|
u/c
|
|
| Lake Fairfax Business Center 11, Business Center Drive |
100,000
|
u/c
|
|
| 14700 Lee Road |
85,000
|
u/c
|
|
| 12801 Worldgate Drive |
80,582
|
u/c
|
|
| 12825 Worldgate Drive |
80,582
|
u/c
|
|
| 1943 Isaac Newton Square |
75,156
|
u/c
|
|
| 14000 Bogle Drive |
75,000
|
u/c
|
|
| 2901 Telestar Court |
74,670
|
u/c
|
|
| 14850 Conference Center Drive |
69,760
|
u/c
|
|
| 14840 Conference Center Drive |
69,760
|
u/c
|
|
| Pender Business Park II, Pender Drive |
53,728
|
u/c
|
|
| Pender Business Park IV, Pender Drive |
46,482
|
u/c
|
|
| Pender Business Park I, Pender Drive |
44,334
|
u/c
|
|
| The Post Building, Centerview Drive |
44,000
|
u/c
|
|
| 1741 Business Center Drive |
42,000
|
u/c
|
|
| Catalina Court, Old Ox Road |
40,000
|
u/c
|
|
| 4511 Singer Court |
34,000
|
u/c
|
|
| Loudoun County | |||
| AOL Creative Center 3, Broderick Drive |
200,000
|
u/c
|
|
| AOL Creative Center 4, Broderick Drive |
200,000
|
u/c
|
|
| Lakeside at Loudon Tech Phase II, Ridgetop Circle |
101,435
|
u/c
|
|
| Orbital Sciences Corporation, Route 28 |
90,000
|
u/c
|
|
| Orbital Sciences Corporation, Route 28 |
90,000
|
u/c
|
|
| 22894 Pacific Boulevard |
86,000
|
u/c
|
|
| 19750 Janelia Farm Boulevard |
73,588
|
u/c
|
|
| Loudoun Gateway III, Business Court |
76,560
|
u/c
|
|
| 22630 Davis Drive |
75,000
|
u/c
|
|
| 21335 Signal Hill Plaza |
63,000
|
u/c
|
|
| 45999 Centre Oak Plaza |
30,537
|
u/c
|
|
| 45945 Centre Oak Plaza |
30,537
|
u/c
|
|
| 20915 Professional Plaza |
25,000
|
u/c
|
|
| Total |
10,538,712
|
||
| *Excludes buildings designed for medical use | |||
| 1999 Buildings Taken Out of Inventory | Square Feet | ||
| None | |||
| New Deliveries and Completed Renovations | Square Feet | ||
| Alexandria | |||
| 333 John Carlyle Street |
152,000
|
||
| 1701 N Beauregard Street |
121,197
|
||
| Arlington | |||
| 2107 Wilson Boulevard |
223,927
|
||
| 4121 Wilson Boulevard |
185,000
|
||
| 3601 Wilson Boulevard |
116,500
|
||
| Fairfax County | |||
| 1750 Tysons Boulevard |
385,554
|
||
| 15036 Conference Center Drive |
320,000
|
||
| 12011 Sunset Hills Road |
312,683
|
||
| 1676 International Drive |
295,964
|
||
| 11710 Sunset Hills Road |
274,959
|
||
| 8484 Westpark Drive |
270,000
|
||
| 1881 Campus Commons Drive |
250,000
|
||
| 2600 Park Tower Drive |
240,000
|
||
| 2291 Wood Oak Drive |
235,000
|
||
| Plaza America Tower 1, Sunset Hills Road |
234,784
|
||
| 1660 International Drive |
204,000
|
||
| 10780-10790 Parkridge Boulevard |
203,492
|
||
| 13900 Lincoln Park Drive |
201,376
|
||
| 2565 Horse Pen Road |
201,150
|
||
| 7901 Jones Branch Drive |
197,939
|
||
| 3130 Fairview Park Drive |
183,097
|
||
| 2180 Fox Mill Road |
181,509
|
||
| SAIC Tysons Campus 3, Goodridge Drive |
180,000
|
||
| 2001 Edmund Halley Drive |
175,619
|
||
| 2121 Cooperative Way |
160,000
|
||
| South Pointe I, Sunrise Valley Drive |
158,896
|
||
| 5870 Trinity Parkway |
150,322
|
||
| 2003 Edmund Halley Drive |
147,624
|
||
| 10302 Eaton Place |
136,500
|
||
| 14151 Park Meadow Drive |
134,849
|
||
| 12021 Sunset Hills Road |
131,782
|
||
| 14900 Conference Center Drive |
127,115
|
||
| 10304 Eaton Place |
125,000
|
||
| 14280 Park Meadow Drive |
114,000
|
||
| 1760 Old Meadow Drive |
100,836
|
||
| 12700 Sunrise Valley Drive |
100,000
|
||
| 14120 Newbrook Drive |
95,340
|
||
| 5885 Trinity Parkway |
92,701
|
||
| 1600 International Drive |
88,000
|
||
| 12851 Worldgate Drive |
80,582
|
||
| 12901 Worldgate Drive |
80,582
|
||
| 4435 Brookfield Corporate Drive |
62,345
|
||
| 510 Spring Street |
62,275
|
||
| 535 Huntmar Park Drive |
60,421
|
||
| 14150 Newbrook Drive |
60,000
|
||
| 13655 Dulles Technology Drive |
60,000
|
||
| 5175 Parkstone Drive |
50,321
|
||
| 7900C Westpark Drive |
48,775
|
||
| 520 Van Buren Street |
35,288
|
||
| 524 Van Buren Street |
32,545
|
||
| 13645 Dulles Technology Drive |
31,000
|
||
| 2900 Telestar Court |
26,343
|
||
| Loudoun County | |||
| MCI Worldcom - Main Building, 44099 Waxpool Road |
376,424
|
||
| AOL Creative Center 2, Broderick Drive |
230,000
|
||
| MCI Worldcom - Building E2, 44099 Waxpool Road |
160,500
|
||
| MCI Worldcom - Building F1, 44099 Waxpool Road |
160,500
|
||
| MCI Worldcom - Building C2, 44099 Waxpool Road |
160,500
|
||
| MCI Worldcom - Building F2, 44099 Waxpool Road |
160,500
|
||
| MCI Worldcom - Building E1, 44099 Waxpool Road |
160,500
|
||
| MCI Worldcom - Building C1, 44099 Waxpool Road |
128,600
|
||
| 45195 Business Court |
102,882
|
||
| 21351 Ridgetop Circle |
101,435
|
||
| 19710 Janelia Farm Boulevard |
67,866
|
||
| 19700 Janelia Farm Boulevard |
67,866
|
||
| 45925 Horseshoe Drive |
60,000
|
||
| 21240 Ridgetop Circle |
52,200
|
||
| 45940 Horseshoe Drive |
46,880
|
||
| 21620 Ridgetop Circle |
28,024
|
||
| 21630 Ridgetop Circle |
25,800
|
||
| 20955 Professional Plaza |
25,000
|
||
| Total |
10,014,669
|
||
| Largest Non-Renewal Lease Transactions | Address | Square Feet | |
| 1) Winstar Telecommunications, Inc.* | Woodland Office Park |
720,000
|
|
| 2) Litton PRC, Inc. | 7555 & 7575 Colshire Drive |
570,000
|
|
| 3) Freddie Mac | 1525 Park Run Drive |
400,000
|
|
| 4) Defense Information Systems Agency* | Six Skyline Place |
370,448
|
|
| 5) Cable & Wireless | Plaza America Tower 1, Sunset Hills Road |
227,249
|
|
| 6) Capital One Financial Corporation | 8000 Jones Branch Drive |
202,840
|
|
| 7) Orbital Sciences Corporation* | Steeplechase Drive @ Route 28 |
180,000
|
|
| 8) American Management Systems | 4035 Ridgetop Road |
165,477
|
|
| 9) Arlington County Department of Human Services | 3033 Wilson Boulevard |
145,777
|
|
| 10) Frontier Global Communications | 544 Herndon Parkway |
136,250
|
|
| *Prelease | |||
| Largest Office Sales Transactions | |||
| Address | Purchaser |
RBA
|
Price |
| 1) 600-700 Army-Navy Drive | Lend Lease Real Estate Investments |
543,660
|
$156,000,000
|
| 2) 1676 International Drive | Brandywine Realty Trust |
295,964
|
$67,997,729
|
| 3) 1110 Glebe Road | Massachusetts Mutual Life Insurance Company |
307,707
|
$62,075,000
|
| 4) 7525 Colshire Road* | Mitre Corporation |
229,226
|
$57,915,000
|
| 5) 2070 Chain Bridge Road | The Carlyle Group |
429,527
|
$57,500,000
|
| 6) 1881 Campus Commons Drive | California State Teachers |
220,000
|
$53,200,000
|
| 7) 1735 N Lynn Street | JBG Companies/JE Roberts Companies |
273,791
|
$50,500,000
|
| 8) 2000-2002 Edmund Halley Drive | TA Associates (Estate of James Campbell) |
290,395
|
$43,799,992
|
| 9) 1892, 1895 & 1897 Preston White Drive, 1875 Campus | The Meridian Group |
331,271
|
$42,600,000
|
| Commons Drive &13651 McLearen Road** | |||
| 10) 12150 Monument Drive | TIAA Realty, Inc. |
224,451
|
$34,500,000
|
| *Sale also includes an adjoining 4.42 acre site | |||
|
**Five office building portfolio
|
|||