Lincoln Property Company leased an $18 million, 92,000 square-foot office building in Sterling, Va. on behalf of Bavar Properties Group. The property had been vacant since its completion in 2007.
Neil Alt, head of Lincoln Property Company’s leasing transactions in Virginia, represented Bavar, a commercial real estate company based in Timonium, Md. The three-story, Class A office building will be occupied by Neustar, a telecommunications clearinghouse, which signed a 10-year lease.
“The significance of this transaction reflects the hopeful shift in the commercial real estate market in our area,” Alt said. “For a property that was vacant for so long to become fully occupied marks a positive step. We continue to see signs that all aspects, particularly leasing activity, are picking up.”
The building, located at 21575 Ridgetop Circle, is named Ridgetop III. Neustar’s corporate headquarters is currently located in Ridgetop I at the Loudon Tech Center, where it has leased 45,000 square feet since 2005. Neustar will move its headquarters to Ridgetop III to accommodate expected growth.