Northern Virginia

The Northern Virginia office market consists of 1,533 buildings over 25,000 square feet, totaling approximately 183.3 million square feet of rentable space. The largest non-GSA lease signed during the third quarter was a 216,000-square-foot relet by General Dynamics at 3150 Fairview Park Drive in the Merrifield submarket. The largest lease signed by the GSA was a 279,996-square-foot renewal for the Department of State at 1701 N. Fort Myer Drive in the Rosslyn-Ballston Corridor submarket. Building sales volume totaled $425,063,240 during the third quarter. The largest transaction was the sale of Tysons International Plaza – 1919 & 1921 Gallows Road in the Tysons Corner submarket. Rockpoint Group acquired the building from Tishman Speyer for $136 million ($304 psf). The property was 84.0% occupied at the time of sale, and traded at a 6.70% Cap Rate. The second largest sale was of Albemarle Point, Dulles Business Park & Sullyfield Business Park – 14420, 14424, 14426, 14428, 14432 & 14434 Albemarle Point Place; 3680, 3684, 3750, 3855, 3859 & 3863 Centerview Drive; 14280 & 14290 Sullyfield Circle. Buchanan Partners acquired the portfolio from ARES for $81,150,000 ($117 psf). Inside the Beltway, there were 51 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the third quarter 2017, compared to 53 from the second quarter 2017. Outside the Beltway, there were 82 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the third quarter 2017, compared to 81 from the second quarter 2017.