victorycenter

For our Morning Links, we scanned the local papers, blogs, and news websites for a roundup of news and opinion from Alexandria, Virginia and around the area.

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victorycenter
A low rental rate of $36 per square foot, more than 25% below projected market rents, as well as two years of free rent helped secure the relocation.

Via GlobeSt

Those pleased with the deal include, of course, the building’s owner Eisenhower Real Estate Holdings, LLC, which has been trying to lease the building for several years after the last government tenant departed in 2004 and the building was renovated in 2009.

The City of Alexandria is certainly thrilled. It plans to Eisenhower West Victory Center Redevelopment District because of the bid.

Two Years of Free Rent

The government is thrilled: it is saving a lot of money with the deal — some $95 million over the lease term.

The rental rate is $36 per square foot, according to GSA, which notes is more than 25% below projected market rents. The agreement also provides the government with over $50 million for tenant fit-out costs and other transition-related expenses.

Some back-of-the-envelop math along with another data point the government did not provide in its press release announcing the deal, but did publish in FedBizOpps.gov two days later, suggests that the property owner also threw in about two years of free rent.

Read more at this link.

What are your thoughts on the TSA deciding to relocate to Alexandria, Virginia? My Twitter timeline is bursting with virtually the same question from fellow Alexandrians…

As always, feel free to sound off about this topic, or any other topic you want to discuss in the comments below.

victorycenter

After undertaking a multi-year, regionally competitive process, the U.S. General Services Administration (GSA) announced today that the U.S. Transportation Security Administration (TSA) will move its headquarters to Alexandria. The agency’s new offices will be located at the Victory Center, an existing vacant office building owned by an investment fund managed by Prudential Real Estate Investors. With the move, TSA will become the anchor of the west end of the Eisenhower Avenue corridor, a commercial mixed-use neighborhood served by the Van Dorn Metrorail Station. The move is scheduled for 2017, when all new headquarters renovation and construction is completed. Approximately 3,400 employees work at TSA headquarters.

The neighborhoods along Eisenhower Avenue have experienced significant transit-oriented growth over the last decade, due to their proximity to three Metrorail stations. The corridor is increasingly becoming a desirable home for government and private sector headquarters. The TSA will join the National Science Foundation headquarters, currently under construction, and the U.S. Patent and Trademark Office complex, both located to the east on Eisenhower Avenue in the Carlyle neighborhood.

“GSA’s decision to locate the TSA headquarters at Victory Center is a huge economic boost for Alexandria as a whole, and for the West End in particular,” said Mayor William D. Euille. “The City is working on a small area plan for Eisenhower West that encourages new investment, redevelopment and business activity. TSA will serve as a catalyst, and will add a daytime office population and on-site retail activity to this developing market.”

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Perseid Meteor Shower

Interesting Area News

While you slept, showered, shaved, and got your Starbucks, we scanned the local papers, blogs, and websites to find the most interesting stories in them you might have missed.

  • The last night of peak visibility for the Perseid Meteor Shower is tonight! (CBS DC)
  • Muggy to start the week, nice in the middle and then? (Capital Weather Gang)
  • Uber hits the DMV area – what the heck is Uber? (DCist)
  • About that colossal National Harbor skyscraper (Greater Greater Washington)
  • The incredible shrinking office market [Victory Center in Eisenhower Valley is featured] (Washington Business Journal)
  • There was smoke seen near the White House? (NBC Washington)
  • Stephen Strasburg pitches a complete game shutout over the Phillies (WJLA)
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