Principal Signs Trade Group to 29K SF at Herndon Office
A trade association servicing the packaging and processing industries has signed a 28,656-square-foot lease at Monument III in Herndon, Va., with landlord Principal Real Estate Investors, Commercial Observer has learned.
The Association for Packaging and Processing Technologies (PMMI), formerly known as The Packaging Machinery Manufacturers Institute, signed a long-term lease for the entire second floor of the 13-floor building, according to Savills, who represented the tenant in the lease. The brokerage declined to provide the length of the lease or the asking rents.
The 193,138-square-foot, Class A property is located at 12930 Worldgate Drive in the 94-acre mixed-use Worldgate complex.
PMMI has spent the better part of the last decade at 11911 Freedom Drive in nearby Reston, Va., but had outgrown its space there. It will move into its new offices later this month.
“The new space will better accommodate the organization and its staff, with a new workplace including larger conference rooms,” Nicole Miller, Savills’ senior managing director, told CO. “The association has been experiencing growth over the years and therefore needed a space to best fit operations.”
The 14-year-old, LEED Silver certified building is close to the Wiehle Metro Station and offers access to Dulles International Airport.
“We pride ourselves on how best we can support our members and the industry as a whole,” Jim Pittas, PMMI’s president and CEO, said in prepared remarks. “Recent growth rates demonstrate our commitment to the industry and willingness to invest in staff to continue to expand our offerings.”
Savills’ team also included Senior Managing Director Demetri Koutrouvelis and Assistant Director Tomi Beightol. Avison Young’s Robert Walters represented the landlord in the deal.