The Northern Virginia office market consists of 1,536 buildings over 25,000 square feet, totaling approximately 188.8 million square feet of rentable space.
The largest non-GSA lease signed during the second quarter was a 268,240-square-foot relet by Amazon Web Services at South Lake At Dulles Corner – 13820 Sunrise Valley Drive. The largest lease signed by the GSA was a 77,454-square-foot renewal for the GSA-Customs and Border Protection at Crystal Mall Office 4 – 1901 S. Bell Street.
Building sales volume totaled over $510,320,000 during the second quarter. The largest transaction was the sale of Presidential Tower – 2550 S. Clark Street in the Crystal City submarket. Starwood/ Vanderbilt acquired the building from Beacon Capital Partners for $123,230,000 ($353 psf). The building was 95.2% occupied at the time of sale. The second largest sale was of the Fair Lakes Portfolio – 12450, 12500, 12600 & 12700 Fair Lakes Circle in the Fairfax submarket. Radix acquired the buildings from C-III for $78,500,000 ($168 psf). The buildings were 88.0% occupied at the time of sale and traded at a 10.00% Cap Rate. The third largest sale was of Parkridge V – 10780-17090 Parkridge Boulevard in the Reston-Herndon submarket. Sunwater Capital acquired the building from Atlantic Realty Companies for $56,250,000 ($278 psf). The building was 95.9% occupied at the time of sale and traded at a 6.25% Cap Rate.
Inside the Beltway, there were 40 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2019, compared to 42 from the first quarter 2019. Outside the Beltway, there were 82 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2019, compared to 78 from the first quarter 2019.