Raytheon Re-Ups Its Intelligence and Space Division HQ at NoVA Office Tower
By Keith Loria November 12, 2020 10:36 am
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Raytheon Technologies has renewed its 116,000-square-foot office lease at 1100 Wilson Boulevard, a 530,000-square-foot office building in Rosslyn, Va., owned by Monday Properties.
The company’s lease was not due to expire until August 2023, but it extended it through 2028, keeping its official headquarters for the intelligence and space division intact.
“During the pandemic, both landlord and tenant teams are continually evaluating leases on a case-by-case basis to determine what strategic benefits there are to early renewal,” Austin Freeman, Monday Properties’ senior vice president of asset management, told Commercial Observer. “As our largest tenant in the project, securing Raytheon’s tenancy on a long-term basis is clearly beneficial for us from an investment standpoint. Raytheon was able to secure a long-term real estate solution in a location that has proved to be extremely valuable as it relates to executing its strategic business plan.”
As part of the renewal, Raytheon was provided with a tenant improvement allowance for further updating and programming in its premises.
Raytheon’s renewal comes on the heels of Monday Properties’ capital investment program for 1100 Wilson, which included a tenant-only, 5,000-square-foot indoor/outdoor rooftop deck and conference center, a 13,000-square-foot wellness center, and the addition of Michelin-award winning restaurateur Fabio Trabocchi’s Sfoglia restaurant at the base of the project.
“Raytheon’s commitment to Rosslyn continues to support our optimistic, long-term thesis in Rosslyn, which has become a recruiting tool for companies to attract the top workforce talent in the DMV,” Freeman said. “Raytheon values the fantastic attributes of a Rosslyn location, easy access to key federal government decision-makers, and the region’s transportation infrastructure, whether it be car, air, bike or metro.”
The 31-floor building is close to the Pentagon and other federal government hubs; the Rosslyn Metro Station; Reagan National Airport; and major future tech hubs, such as Amazon (AMZN) HQ2 and Virginia Tech’s Innovation Campus.
The tenant was represented by Bob Shue and Jake Katz at JLL (JLL), as well as Brendan O’shaughnessy at Cushman & Wakefield (CWK). Monday Properties was represented by its in-house leasing team of John Wharton and Andrew Thau.
