GWCAR 2001 Year-End Market Report
A Statistical Snapshot of the Greater Washington Area Commercial Real Estate Market in 2001.
Northern Virginia Office Report

 
Final Report
 
Total Inventory:128,711,954
New Deliveries and Completed Renovations:9,781,518
Net Absorption: 3,162,555
Net Absorption with Sublet: (4,154,478)
Projects Under Construction and Under Renovaton: 6,762,810
Vacancy Rate(Excluding Sublet) 7.9%
Vacancy Rate(With Sublet) 13.6%
   
Office Space Available: Square Feet
Direct(New & Relet): 10,187,792
Sublet: 7,317,033
Total Office Space Available: 17,504,826
Space in Projects Under Construction and Under Renovation: 3,119,833
   
Under Construction (u/c) and Under Renovation (u/r)  
Arlington
Listing Buildings by address:
Square Feet
4100 North Fairfax Drive 255,824
1801 North Lynn Street 339,303
801 N. Quincy Street 107,013
3865 Wilson Boulevard 136,688
4300 Wilson Boulevard 255,000
3101 N. Wilson Boulevard 212,000
 
Alexandria
List Buildings by Address:
 
4850 Mark Center Drive 258,412
1940 Duke Street 209,395
 
Fairfax
List Buildings by Address:
 
14550 Avon Parkway 71,507
14672 Lee Road 150,000
Westfields Blvd @ Sully Road 156,160
4100 Monument Corner Drive 125,000
3080 Centreville Road 94,176
Centreville Road @ Dulles Toll Road 400,000
8270 Willow Oaks Drive 182,605
11720 Plaza America Drive 279,012
11730 Plaza America Drive 189,612
11730 Plaza America Drive 189,612
11485 Sunset Hills Road 134,000
12012 Sunset Hills Road 185,682
2235 Monroe Street 162,275
11955 Freedom Drive 379,270
6359 Walker Lane 150,000
5695 King Center Drive 50,917
5971 Kingstowne Village Parkway 152,700
7515 Colshire 300,000
1550 Westbranch Drive 152,242
Greensboro Drive 122,000
1551 Park Run Drive 400,000
7619 Little River Turnpike 215,000
 
Loudoun
List Buildings by Address:
 
21000 Atlantic Boulevard 185,000
21190 Pacific Boulevard 183,000
Ashbrook Place 67,172
44426 Ashbrook Place 49,657
20099 Ashbrook Place 47,683
20145 Ashbrook Place 37,116
Total: 6,762,810
   
2001 Buildings Taken Out of Inventory: Square Feet
None  
 
New Deliveries and Completed Renovations
Arlington
Listing Buildings by Address
Square Feet
671 N. Glebe Road 224,825
3811 N. Fairfax Drive 160,000
2900 S. Quincy 233,000
4501 N. Fairfax Drive 190,047
 
Alexandria:
List Buildings by Address:
 
300 John Carlyle Street 79,000
 
Fairfax:
List Buildings by Address:
 
5207 Leesburg Pike 398,139
14420 Albemarle Point Place 87,271
14428 Albemarle Point Place 33,182
14434 Albemarle Point Place 59,149
4511 Singer Court 31,000
5875 Trinity Parkway 90,000
4090 Lafayette Center Drive 49,035
3863 Centerview Drive 44,453
3859 Centerview Drive 42,831
3855 Centerview Drive 42,831
3855 Centerview Drive 42,831
14560 Avion Parkway 71,504
4029 Ridge Top Road 54,126
2250 Corporate Park Drive 158,015
13800 Coppermine Road 87,562
13560 Dulles Technology Drive 189,701
2325 Dulles Corner Blvd. 212,4455
12900 Worldgate Drive 229,293
2525 Network Place 200,509
8503 Arlington Blvd. 88,185
2941 Fairview Park Drive 360,837
2675 Prosperity Avenue 158,585
2677 Prosperity Avenue 158,585
3150 Fairview Park Drive 250,000
8585 Arlington Boulevard 75,000
1770 Business Center Drive 265,000
12300 Pinecrest Road 28,000
11465 Sunset Hills Road 89,223
1775 Wiehle Ave 134,064
1925 Isaac Newton Square 75,181
12220 Sunrise Valley Drive 79,129
12359 Sunrise Valley Drive 59,116
12010 Sunset Hills Road 177,642
6354 Walker Lane 135,673
6355 Walker Lane 150,000
5290 Shawnee Road 48,000
7950 Jones Branch Road 800,000
8401 Greensboro Drive 209,775
7555 Colshire Drive 285,000
8401 Greensboro Drive 209,775
7575 Colshire Drive 285,000
7575 Colshire Drive 285,000
1600 Tysons Blvd. 293,161
8010 Towers Crescent Drive 95,512
8020 Towers Crescent 225,000
 
Loudoun:
List Buildings by Address:
 
45300 Catalina Ct. 40,000
46000 Center Oak Plaza 57,447
22630 Davis Drive 74,561
22636 Davis Drive 74,561
22630 Dulles Summit Court 150,000
21251 Ridgetop Circle 81,000
21631 Ridgetop Circle 60,000
45479 Holiday Drive (Holiday Drive @ Shaw Rd) 100,000
21641 Ridgetop Circle 60,000
45305 Catalina Court 40,000
22894 Pacific Blvd. 82,660
21355 Ridgetop Circle 101,435
21670 Ridgetoop Circle 32,801
Loudoun County Parkway @ Dulles (Phase 1 - Bld. B) 180,000
Loudoun County Parkway @ Dulles (Phase 1 - Bld. C) 117,000
Loudoun County Parkway @ Dulles (Phase 1 - Bld. D) 135,000
21680 Ridgetop Circle 35,558
21660 Ridgetoop Circle 57,369
45745 Nokes Blvd 95,000
22980 Indian Creek Drive 100,000
21785 Filigree Court 60,765
21839 Atlantic Boulevard 163,290
22340 Dresden Street (Waxpool Rd. @ Broderick Rd.) 128,985
201 N. Maple Avenue 36,000
1501 Edwards Ferry Road 88,000
803 Sycolin Road 70,500
Sycolin @ Dulles Greenway 36,000
Total Square Footage: 9,781,518

Top Ten Largest Non-Renewal Lease Transactions  
Square Feet Tenant Address
1. 400,000 Verisign 13200 Woodland Park Road
2. 322,068 U.S. Department of State 1801 N. Lynn Street
3. 229,223 Fannie Mae 12900 Worldgate Drive
4. 205,302 Cisco Systems 13560 Dulles Technology Drive
5. 114,000 Boeing Corporation 7901 Jones Branch Drive
6. 109,736 Scitor Corporation 2251 Corporate Park Drive
7. 100,000 BAE Systems Finnegan,
Henderson, Farabow,
Garret &Dunner
11485 Sunset Hills Road
8. 96,500 Dunner LLP 11955 Freedom Drive
9. 90,000 EMC Corporation 2675 Prosperity
10. 82,760 Airline Reporting Corp. 4100 N. Fairfax Dr.
     
Top Ten Largest Office Sales Transactions:    
Price Purchaser Address
1. $132,000,000 Prentiss Properties Ltd. Inc. Brandywine Portfolio*
2. $88,400,000 PS Business Parks 2700-2751 Prosperity Ave.
3. $80,250,000 Advance Group Avion Business Park
4. $66,750,000 LaSalle Investment Management, Inc. 450-485 Spring Park Pl.
5. $61,500,000 Beacon Capital Partners 44&66 Canal Center
6. $58,500,000 Beacon Capital Partners 11&99 Canal Center
7. $58,200,000 Corporate Office Properties Trust 15000 Conference Center Dr.
8. $44,294,444 TrizecHahn Office Properties Inc. 1110 N Glebe Rd.
9. $44,216,820 TA Associates Realty 2291 Wood Oak Dr.
10. $41,700,000 New Boston Fund Inc. 4350 N Fairfax Dr.
*Represents 5 building portfolio which Brandywine Realty Trust traded for Prentiss' assets in Delaware, Pennsylvania, and New Jersey.