Manulife U.S. REIT Signs 29K-SF Office Tenant at NoVA Office Towers
Northern Virginia's office market is still struggling in the aftermath of the pandemic, with vacancy rates hovering north of 22%, per Newmark
By Nick Trombola June 2, 2025 7:33 pm
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As Northern Virginia wrestles with its post-pandemic office slump, some crafty landlords are managing to lease office space.
Manulife U.S. Real Estate Investment Trust closed a 29,194-square-foot office lease with Pulte Homes at Centerpointe I & II, a pair of Class A office towers in Fairfax, Va. Pulte Homes is an affiliate of Atlanta-based PulteGroup, the third-largest residential homebuilder in the U.S. with more than 775,000 units under its belt. Manulife U.S. REIT is an affiliate of Toronto-based Manulife Investment Management.
Newmark’s Andy Klaff, Dominic Orcino and Debbie Cross represented Manulife and announced the deal, which brings the tower’s occupancy to 75 percent leased, while CBRE’s Jack Evans and Cathy Delcoco represented the tenant. Other Centerpointe tenants include law firms such as Geller Law Group, public accounting firm Rubin Koehmstedt & Nadler and self-defense academy Capital Defense Instruction.
Manulife acquired the towers at 4000 and 4050 Legato Road in 2019 from Carr Properties for $122 million. Pulte Homes meanwhile already has a separate location in Fairfax — at the Hunter’s Branch office building, roughly six miles west of Centerpointe. Newmark did not immediately disclose if the new lease is a relocation or expansion.
Northern Virginia’s office vacancy rate hit 22.3 percent in the first quarter of this year, a decrease of 10 basis points quarter-over-quarter, but an increase of 120 basis points year-over-year, according to a recent market report by Newmark. Multifamily investment activity has instead dominated CRE headlines in Northern Virginia lately, but other moderately sized office leases are still cropping up.
Investment and management firm Jamestown in early May inked a 27,000-square-foot lease with Gilbane Building Company at Jamestown’s Ballston Exchange plaza in Arlington. The previous month, Finmarc landed a roughly 52,000-square-foot lease with software company DLT Solutions at Dulles Corner in Herndon. Finmarc just a few months earlier had purchased the office for barely one-third of its previous sale price.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
