The Northern Virginia office market consists of 1,524 buildings over 25,000 square feet, totaling approximately 186.7 million square feet of rentable space.
The largest non-GSA lease signed during the fourth quarter was a 207,000-square-foot new lease by ICF at Reston Station – Phase III – 1902 Reston Metro Plaza.
The largest lease signed by the GSA was a 60,421-square-foot renewal at Herndon Square II – 535 Huntmar Park Drive.
Building sales volume totaled $745,250,000 during the fourth quarter. The largest transaction was the sale of the Skyline Office Portfolio – 5107-5275 Leesburg Pike in the Falls Church submarket. Somera Road acquired the portfolio from CW Capital for $210,700,000 ($78.00 psf). The portfolio was 49.2% occupied at the time of sale. The second largest sale was 1525 Wilson Boulevard in the Rosslyn-Ballston Corridor submarket. The Meridian Group acquired the building from The Blackstone Group for $113,150,000 ($355.27 psf). The building was 78.4% occupied at the time of sale.
Inside the Beltway, there were 40 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter 2019, compared to 37 from the third quarter 2019. Outside the Beltway, there were 76 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter 2019, compared to 75 from the third quarter 2019.