Alexandria Agencies Ink Deal For 216K SF in NoVA
By Keith Loria July 31, 2020 10:41 am
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The city of Alexandria has signed a 215,806-square-foot lease at 4850 Mark Center Drive in Alexandria, Va., with plans to move multiple agencies into the space.
Savills facilitated the 15-year lease on behalf of the city.
“The building will house the city’s Department of Community and Health Services (DCHS), the Virginia Department of Health and Neighborhood Health, all currently located in multiple facilities across the city,” David Cornbrooks, Savills’ corporate managing director for Washington, D.C., told Commercial Observer. “By co-locating and consolidating into one building, the City will be creating opportunities for operational efficiencies, better client service delivery and enhanced cross-department collaboration.”
Savills executed an extensive strategic search for space before landing on this off-market opportunity, which is currently owned and fully occupied by the Institute for Defense Analyses (IDA).
IDA is currently constructing a new building in Potomac Yards and commencement of construction for the city will occur upon IDA’s departure. It’s expected that the city will move into the building in February 2023 upon completion of the build out of its space.
“The city’s new lease presented a significantly lower cost structure than the other competing options,” Jeremy McPike, director of the City’s Department of General Services, said in a prepared release. “Savills and the city through DGS negotiated maximum flexibility on behalf of the City, including multiple purchase options, multiple expansion rights, operational flexibility and renewal rights.”
Joining Cornbrooks on the deal were Savills’ Executive Managing Director Timothy Foley and Senior Managing Director Wendy Feldman Block.
“4850 Mark Center Drive provides a centralized and accessible location, which is walking distance to the Mark Center Transportation Center, additional space for growth at the city’s option, and an upgraded environment compared to its current locations,” Cornbrooks said. “The building will allow the city to create a one-stop shop for its services.”
