The Northern Virginia office market consists of 1,529 buildings over 25,000 square feet, totaling approximately 187.4 million square feet of rentable space.
The largest non-GSA lease signed during the fourth quarter was a 125,556-square-foot renewal by Booz Allen Hamilton at 575 Herndon Parkway.
The largest lease signed by the GSA was a 44,989-square-foot renewal by the Department of Defense at Potomac Gateway North – 2800 Crystal Drive.
Building sales volume totaled $697,271,738 during the first quarter. The largest transaction was the sale of Dominion Tech Park – Buildings 1 & 2 – 399 & 499 Grove Street in the Reston-Herndon submarket. USAA acquired the buildings from Boston Properties for $256,000,000 ($519.69 psf). The portfolio was 100.0% occupied at the time of sale. The second largest sale was Fairview Park – 2941 Fairview Park Drive in the Merrifield submarket. Menlo Equities acquired the building from Fairfax Park LLC for $97,590,405 ($265.66 psf). The building was 91.6% occupied at the time of sale. The third largest sale was One Fair Oaks – 4114 Legato Road in the Fairfax Center submarket. Tritower Financial Group acquired the building from Beacon Capital Partners for $58,000,00 ($264.17 psf). The building was 89.9% 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 quarter 2020 compared to 40 from the fourth quarter 2019. Outside the Beltway, there were 75 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the first quarter 2020, compared to 76 from the fourth quarter 2019.