The Northern Virginia office market consists of 1,532 buildings over 25,000 square feet, totaling approximately 188.5 million square feet of rentable space.
The largest private sector lease signed during the third quarter was an 88,094-square-foot renewal by the Aerospace Corporation at Greens III – 4851 Stonecroft Boulevard.
The largest lease signed by the GSA/public sector and the largest of the quarter in Northern Virginia was a 115,747-square-foot renewal by the US Postal Service at 1735 N. Lynn Street. The largest GSA lease and the second largest lease of the quarter was a 92,807-square-foot renewal by the GSA – Customs and Border Protection at Mark Center 1801 – 1801 N. Beauregard Street.
Building sales volume totaled $411,816,072 during the third quarter 2020. The largest transaction was the sale of Patriots Park – 12290, 12300, & 13100 Sunrise Valley Drive in the Reston-Herndon submarket. Boyd Watterson Asset Management acquired the building from Hyundai Securities for $325,000,000 ($460.40 psf). The three-building portfolio was 100% occupied at the time of sale. The second largest sale was Monument I – 12975 Worldgate Drive in the Reston-Herndon submarket. The Arch Street Capital Advisors acquired the building from VEREIT for $39,841,072 ($297.70 psf).
The building was 100.0% occupied at the time of sale. Inside the Beltway, there were 48 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the third quarter compared to 44 from the second quarter 2020. Outside the Beltway, there were 78 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the third quarter 2020 compared to 81 from the second quarter 2020.