The Northern Virginia office market consists of 1,532 buildings over 25,000 square feet, totaling approximately 188.2 million square feet of rentable space.
The largest non-GSA lease signed during the second quarter was a 396,740-square-foot relet by Microsoft Corporation at Two Freedom Square – 11955 Freedom Drive. This requirement represents primarily new growth to the market for Microsoft.
The largest lease signed by the GSA was a 61,256-square-foot renewal at Crystal Park Five – 2451 Crystal Drive.
Building sales volume totaled $175,750,000 during the second quarter 2020. The largest transaction was the sale of 1530 Wilson in the Rosslyn-Ballston Corridor submarket. Velocis acquired the building from Invesco for $71,400,000 ($416.64 psf). The asset was 71.0% occupied at the time of sale. The second largest sale was John Marshall II – 8283 Greensboro Drive in the Tysons Corner submarket. The Meridian Group acquired the building from Washington Real Estate Investment Trust for $57,000,000 ($255.62 psf). The building was 100.0% occupied at the time of sale. The third largest sale was Center for Innovative Technology – 2214 Rock Hill Road in the Reston-Herndon submarket. Origami acquired the building from VA Department of General Services for $47,350,000 ($316.90 psf). The building was 100.0% occupied at the time of sale.
Inside the Beltway, there were 44 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the first and second quarter 2020. Outside the Beltway, there were 81 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2020 compared to 75 from the first quarter 2020.