The Northern Virginia office market consists of 1,535 buildings over 25,000 square feet, totaling approximately 181.8 million square feet of rentable space. The largest non-GSA lease signed during the fourth quarter was a pre-lease of a 146,000-square-foot build-to-suit in Loudoun County by K2M, a medical tech company. The development of this property will serve as the new company headquarters and will include a R&D facility. Proximity to Dulles International Airport coupled with incentives offered by local jurisdictions and state funding helped to retain the quickly growing company within the submarket. The largest government lease signed during the fourth quarter was a renewal by the GSA – Financial Crimes Enforcement Network for 124,990 square feet in the Tysons Corner submarket at Tycon Courthouse – 2070 Chain Bridge Road. FinCEN gave back approximately 44,000 square feet in the renewal. This transaction is consistent with the leasing fundamentals adopted by federal agencies and contractors alike throughout the metropolitan area. Building sales volume totaled approximately $1.04 billion during the fourth quarter. The most notable transaction to occur was the sale of 3003 Washington Boulevard in the RB-Corridor. The 211,170-square-foot building delivered in late 2014 and upon purchase was 95% leased to tenants such as The C.N.A. Corporation. KBS bought the property from Penzance and Invesco for $149,100,000 or $706 psf, and it traded at a 5.5% cap rate. This transaction, as well as the sale of 1776 Wilson Boulevard during the third quarter 2014, exemplifies the attractiveness of new product situated in amenity rich, transit-oriented markets. Both buildings were over 80% leased at time of purchase and traded for over $650 psf. At the end of the fourth quarter 2014 the Northern Virginia office market recorded 95 buildings outside of the Beltway with 50,000 square feet of contiguous space available; compared to only 59 buildings inside the Beltway.