Metropolitan DC Market Overview 4Q 2014square foot, Full Service. From November 2013 to November 2014 employment in the DC Metropolitan area had a net increase of 18,900 jobs representing

Overall Market Summary

The Washington, DC Metropolitan commercial real estate market is comprised of approximately 410.9 million square feet of rent-

able office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. The total vacancy rate increased

to 15.8% in the fourth quarter, up from 15.4% at the end of the previous quarter. The market recorded approximately 903,584

square feet of net absorption in the fourth quarter, a notable improvement from the -47,000 square feet absorbed in the third

quarter. Leasing activity decreased with 4.8 million square feet in transactions signed during the fourth quarter. The largest lease

executed was a renewal signed by law firm Finnegan for 252,000 square feet in Washington, DC. Three buildings completed

construction in the fourth quarter (0 DC, 1 VA, 2 MD), totaling 718,317 square feet and 47% leased. There were twenty sale

transactions in the fourth quarter, comprising of 4.9 million rentable square feet and totaling $2.2 billion. The market totaled 15

million square feet in sales transactions worth $6.2 billion in 2014. Average asking rental rates ticked down $0.14 to $35.45 per

square foot, Full Service. From November 2013 to November 2014 employment in the DC Metropolitan area had a net increase

of 18,900 jobs representing 0.6% growth, while the unemployment rate decreased to 4.5%.

Metropolitan DC Market Overview 4Q 2014

101 Constitution Avenue | Suite 325 East | Washington, DC | 20001 | 202.513.6700

1530 Wilson Boulevard | Suite 200 | Arlington, VA | 22209 | 703.522.4600

National Presence. Local Focus

Direct Vacancy Total Vacancy Total Net Absorption Leasing Activity

DC 10.0% 10.6% 343,999 SF 9.1 M SF

VA 16.2% 17.1% -164,076 SF 9.7 M SF

MD 16.2% 16.9% -199,559 SF 4.1 M SF

Metro Area 14.9% 15.8% -19,636 SF 22.9 M SF

Outlook

As slow economic and employment growth continues to impact the Washington, DC region, the commercial real estate market

is expected to remain relatively flat entering 2015. The private sector should continue to drive employment; while the federal

government continues to downsize its workforce. Early renewals are expected to dominate the larger lease transactions, as pri-

vate sector tenants leverage the current market conditions. The GSA should continue to execute renewals as well, however, their

primary focus will be on consolidating and downsizing federal office space requirements when possible. To maintain or increase

competitiveness in this “tenant’s market”, aggressive landlords will continue to renovate and upgrade amenities to their build-

ings. As the GSA and the private sector (as seen with the larger DC law firms) continue to reduce space requirements, vacancy

is expected to tick upward, while net absorption is expected to decrease. While the construction pipeline remains limited, there

will be a modest uptick in inventory with six new buildings, totaling 687,000 square feet, scheduled to deliver during the first half

of 2015. Sales velocity is expected to decline as there are approximately nine buildings currently under contract. With the recent

success of CityCenter, look for other developments including; The Wharf, Reston Town Center, and Pike & Rose attempt to capi-

talize on tenants seeking higher-end space and millennials (25% of the workforce) who desire a “Live, Work, Play” environment.

Arrows reflect differences from YTD 4Q 2013 totals Arrows reflect differences from 3Q 2014

Northern Virginia 4Q 2014

101 Constitution Avenue | Suite 325 East | Washington, DC | 20001 | 202.513.67001530 Wilson Boulevard | Suite 200 | Arlington, VA | 22209 | 703.522.4600


4Q ‘14 3Q ‘14 4Q ‘13

Direct Vacancy

16.2% 16.0% 15.0%

Total Vacancy

17.1% 16.9% 16.0%

Net Absorption (YTD)

-164,076 sf -292,903 sf 69,220 sf

Leasing Activity(YTD)

9.7 M sf 8.2 M sf 11.9 M sf

Under Construction

2.4 M sf 1.8 M sf 1.8 M sf

Deliveries (YTD) 1.8 M sf 1.4 M sf 2.0 M sf

Rental Rates $32.29 fs $32.12 fs $32.26 fs

U/CPercent Pre-Leased 69.3% 63.3% 62.7%

Market Summary

The Northern Virginia office market consists of 1,535 build-ings over 25,000 square feet, totaling approximately 181.8 million square feet of rentable space.

The largest non-GSA lease signed during the fourth quarter was a pre-lease of a 146,000-square-foot build-to-suit in Loudoun County by K2M, a medical tech company. The de-velopment of this property will serve as the new company headquarters and will include a R&D facility. Proximity to Dull-es International Airport coupled with incentives offered by lo-cal jurisdictions and state funding helped to retain the quickly growing company within the submarket.

The largest government lease signed during the fourth quar-ter was a renewal by the GSA – Financial Crimes Enforce-ment Network for 124,990 square feet in the Tysons Corner submarket at Tycon Courthouse – 2070 Chain Bridge Road. FinCEN gave back approximately 44,000 square feet in the renewal. This transaction is consistent with the leasing fun-damentals adopted by federal agencies and contractors alike throughout the metropolitan area.

Building sales volume totaled approximately $1.04 billion dur-ing the fourth quarter. The most notable transaction to occur was the sale of 3003 Washington Boulevard in the RB-Corri-dor. The 211,170-square-foot building delivered in late 2014 and upon purchase was 95% leased to tenants such as The C.N.A. Corporation. KBS bought the property from Penzance and Invesco for $149,100,000 or $706 psf, and it traded at a 5.5% cap rate. This transaction, as well as the sale of 1776 Wilson Boulevard during the third quarter 2014, exemplifies the attractiveness of new product situated in amenity rich, transit-oriented markets. Both buildings were over 80% leased at time of purchase and traded for over $650 psf.

At the end of the fourth quarter 2014 the Northern Virginia of-fice market recorded 95 buildings outside of the Beltway with 50,000 square feet of contiguous space available; compared to only 59 buildings inside the Beltway.

www.lpcwashingtondc.com

Northern Virginia Quarterly overview 4th Quarter 2014

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Direct vacancy has increased from 16.0% in the third quarter 2014 to 16.2% in the fourth quarter 2014, and has increased from 15.0% since the fourth quarter 2013. Total vacancy has increased from 16.9% in the third quarter 2014 to 17.1% in the fourth quarter 2014, and has in-creased from 16.0% since the fourth quarter 2013. This is the highest vacancy recorded in Northern Virginia since 1992.

Sublet vacancies within the Northern Virginia office market decreased from 1.0% during the third quarter 2014 to 0.9% in fourth quarter 2014.


Leasing activity dwindled during the fourth quarter and yielded only 1.5 million square feet leased, bringing the year-to-date total to 9.7 million square feet. As predicted, this was well below the 10-year average of 12.6 million square feet. There was a dearth of demand due to an in-creasing tenant preference to upgrade to quality space while maximize-ing space efficiency.

Northern Virginia recorded positive absorption during the fourth quarter 2014 at 128,827 square feet, bringing the year-to-date total to -164,076 square feet. Positive absorption in the fourth quarter 2014 can be at-tributed to a large number of small to medium-sized move-ins, but the majority of positive absoprtion was negated by large move-outs. Fred-die Mac vacated 202,840 square feet at 8000 Jones Branch Avenue in Tysons Corner and consolidated within their existing portfolio. In Tysons Corner, Sunrise Assisted Living vacated 125,546 square feet at the Tow-er Building – 7900 Westpark Drive and in the Route 28 South submarket, CSC vacated 176,945 square feet at 15000 Conference Center Drive. Since 2011 negative absorption in Northern Virginia has totalled -1.8 million square feet.

The ten largest leases signed during the fourth quarter ranged in size from 146,000 square feet to 42,221 square feet.

Two new projects broke ground during the fourth quarter 2014. One of which was Mitre 4 – 7598 Colshire Drive in Tysons Corner, being de-veloped by Cityline Partners. Upon its scheduled delivery in the fourth quarter of 2016, Mitre will occupy the entirety of the 340,000-square-foot building. The second project to break ground was the CEB Tower – 1201 Wilson Boulevard in Rosslyn. JBG plans to finish development during the first quarter of 2018, at which point the Corporate Executive Board will occupy 65% of the building in floors one through twenty-two.

For More Information, Please Contact:

Neil Alt | [email protected]

Doug McLearn | [email protected]

Chris Dyson | [email protected]

Eamon McCrann | [email protected]

Jed Prossner | [email protected]

Correll Caulfield | [email protected]

Stoddie Nibley | [email protected]

Mary Fitzgerald | [email protected]

Jack Redmond | [email protected]

Tom Colicchio | [email protected]

703.522.4600

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www.lpcwashingtondc.com www.lpcwashingtondc.com

Outlook

For More Information, Please Contact:

Neil Alt | [email protected]

Doug McLearn | [email protected]

Chris Dyson | [email protected]

Eamon McCrann | [email protected]

Jed Prossner | [email protected]

Correll Caulfield | [email protected]

Stoddie Nibley | [email protected]

Mary Fitzgerald | [email protected]

Jack Redmond | [email protected]

Tom Colicchio | [email protected]

703.522.4600

Northern Virginia Quarterly overview4th quarter 2014

Construction (Cont.)One building delivered during the fourth quarter for a total of 321,965 square. MRP completed construction on Tysons Overlook – 7940 Jones Branch Drive, a 321,965-square-foot building, with Logistics Management Institute as an owner/user occupying floors one through six, leaving 140,094 square feet available for lease or sale.

Two projects are scheduled to deliver during the first quarter 2015. COPT’s two building project in the Route 28 South sub-market, 4850 & 4870 Stonecroft Boulevard. The buildings total for 300,000 square feet and are pre-leased to the CIA. Lastly, Comstock Partners plans to complete Loudoun Station – 43777 Central Station Drive and deliver the 49,099-square-foot build-ing on a speculative basis.

Private sector tenants will have a broader choice of markets to choose from due to an increase in developments offering a live-work-play environment as more projects from the construction pipeline come online.

Consequently, these private sector tenants will continue a flight to newer Class A product located in amenity rich, transit-oriented markets. While paying a premium for space, a consolidated footprint in such product offers greater maximization of space leased. Tech companies hiring millennials will opt for these urban-like markets that offer the live-work-play environment.

Federal agencies and their corroborating contractors will continue a hold pattern opting to shed space and execute in-place renewals.

Building owners will continue to offer aggressive concession packages to either retain tenants in place or attract new tenants. Examples include the American Diabetes receiving a $115 psf allowance at 2451 Crystal Drive and JBG absorbing CEB’s lease liability at Waterview Tower.


Seven of the top ten leases signed during the fourth quarter 2014 were greater than 50,000 square feet, with four transactions

greater than 100,000 square feet. Included in the top leases for the fourth quarter 2014 were five lease renewals, two renewal/

expansions, one sublet/expansion, one relet and one pre-lease. The largest transaction of the quarter was a pre-lease for a build-

to-suit by K2M for a new 146,000-square-foot headquarters at Trammell Crow and Keane Enterprise’s Oaklawn development at

600-616 Hope Parkway in the Loudoun County submarket. The second largest transaction of the quarter was a 124,990-square-

foot renewal by the Financial Crimes Enforcement Network at Tycon Courthouse - 2070 Chain Bridge Road in the Tysons Corner

submarket. Boeing renewed 121,006 square feet at MetroPlace II - 2600 Park Tower Drive in the Merrifield submarket. The

largest expansion of the fourth quarter was by an undisclosed tenant, who signed for 80,628 square feet, and also renewed

an existing 40,314 square feet at 1320 North Courthouse Road in the Rosslyn-Ballston submarket. Software AG renewed its

73,349-square-foot U.S. headquarters at Plaza America Tower 1 - 11700 Plaza America Drive in the Reston/Herndon submarket.

The American Diabetes Association signed for 68,000 square feet at Crystal Park Five - 2451 Crystal Drive in the Crystal City

submarket, which was the largest relet of the quarter in Northern Virginia. Booz Allen Hamilton signed a 58,658-square-foot

renewal/expansion at Crystal Square 2 - 1550 Crystal Drive in the Crystal City submarket. In the Rosslyn-Ballston submarket,

the Department of Homeland Security renewed 46,500 square-feet at Rosslyn Overlook - 1616 North Fort Myer Drive. Bechtel

executed a sublease/expansion for a 45,799-square-foot space in Plaza America Tower 3 - 11720 Plaza America Drive in the

Reston/Herndon submarket. Lastly, Carnegie Mellon renewed their 42,221-square-foot Software Engineering Institute located at

NRECA I & II - 4301 and 4401 Wilson Boulevard in the Rosslyn-Ballston Corridor submarket.


Oaklawn @ Leesburg600-616 Hope Parkway

Tenant: K2MSize: 146,000 sf Pre-lease/BTS

Northern Virginia Top Ten Leases 4Q 2014

Rosslyn Overlook1616 North Fort Myer Drive

Tenant: GSA-DHSSize: 46,500 sf Renewal

Plaza America Tower 311720 Plaza America Drive

Tenant: BechtelSize: 45,799 sf Sublet/Expansion

NRECA I & II4301/4401 Wilson Boulevard

Tenant: Carnegie Mellon Size: 42,221 sf Renewal

MetroPlace II2600 Park Tower Drive

Tenant: BoeingSize: 121,006 sf Renewal

Plaza America Tower 1 11700 Plaza America Drive

Tenant: Software AGSize: 73,349 sf Renewal

Crystal Park Five2451 Crystal Drive

Tenant: American Diabetes Assoc.Size: 68,000 sf Relet

1320 North Courthouse Road

Tenant: UndisclosedSize: 120,942 sf Renewal/Expansion

Tycon Courthouse2070 Chain Bridge Road

Tenant: GSA-FInCENSize: 124,990 sf Renewal

Crystal Square 21550 Crystal Drive

Tenant: Booz Allen HamiltonSize: 58,658 sf Renewal/Expansion


Northern Virginia Sales Transactions 4Q 2014


Reston Square11790 Sunrise Valley Drive

Date Sold: Dec-2014Price: $48,000,000 ($345 psf)Cap Rate: 6.8%Buyer: KBS REIT IIISeller: Westbrook PartnersClass: Class A Occupancy: 92%

Dulles Metro Center2325 Dulles Corner Boulevard

Date Sold: Oct-2014Price: $45,450,000 ($207 psf)Buyer: Pinkard/Principal RE InvestorsSeller: DEKA ImmoblienClass: Class AOccupancy: 75.6%

TransPotomac Canal Center11, 44, 66 & 99 Canal Center Plaza

Date Sold: Oct-2014Price: $176,000,000 ($327 psf)Cap Rate: 7.15%Buyer: American RE Partners/InvestcorpSeller: Tishman SpeyerClass: Class AOccupancy: 91%

Webb Building4040 North Fairfax Drive

Date Sold: Dec-2014Price: $56,200,000 ($296 psf)Buyer: Lionstone Investments/PenzanceSeller: Federal Capital Partners/RESI Mgmt.Class: Class BOccupancy: 49.3%

Liberty Center I-III14660, 14672 & 14668 Lee Road

Date Sold: Nov-2014Price: $101,000,000 ($247 psf)Cap Rate: 8.9%Buyer: Federal PartnersSeller: Eaton Vance/Duke Realty Class: Class AOccupancy: 99%

Campus Pointe1880 Campus Commons Drive

Date Sold: Oct-2014Price: $42,500,000 ($246 psf)Buyer: Verizon (Owner/User)Seller: Brandywine Realty Trust Class: Class BOccupancy: 97.1%

Patriots Park I-III12310, 12300 & 12290 Sunrise Valley Drive

Date Sold: Oct-2014Price: $321,000,000 ($454 psf)Cap Rate: 5.6%Buyer: Hyundai SecuritiesSeller: Boston Properties Class: Class AOccupancy: 100%

3003 Washington Boulevard

Date Sold: Dec-2014Price: $149,100,000 ($706 psf)Cap Rate: 5.5%Buyer: KBSSeller: Penzance/InvescoClass: Class AOccupancy: 97%


Northern Virginia Sales Transactions 4Q 2014


1821 Michael Faraday Drive

Date Sold: Nov-2014Price: $10,500,000 ($180 psf)Buyer: Bognet Construction AssociatesSeller: Toll Brother,s Inc.Class: Class AOccupancy: 77.9%

Beauregard Square A & B6301 & 6303 Little River Turnpike

Date Sold: Nov-2014Price: $10,104,190 ($135 psf)Buyer: Curtis Investment GroupSeller: C-III Capital PartnersClass: Class BOccupancy: 79.5%

Reston Metro I & II12160 & 12162 Sunrise Valley Drive

Date Sold: Nov-2014Price: $27,800,000 ($100 psf)Buyer: Coretrust/Normandy Seller: Thomas Properties/CalSTRSClass: Class A/BOccupancy: 0.75%

Loudoun Tech Corporate Campus A-C21660, 21670 & 21680 Ridgetop Circle

Date Sold: Nov-2014Price: $11,650,000 ($93 psf)Buyer: St. John PropertiesSeller: Hudson AdvisorsClass: Class BOccupancy: 33.3%

Commerce Metro VI11480 Commerce Park Drive

Date Sold: Oct-2014Price: $38,100,000 ($261 psf)Cap Rate: 6%Buyer: TA AssociatesSeller: New Tower Trust Co./MEPTClass: Class AOccupancy: 92.3%


Direct vacancy has increased from 16.0% in the third quarter 2014 to 16.2% in the fourth quarter 2014, and has increased from 15.0% since the fourth quarter 2013. Total vacancy has increased from 16.9% in the third quarter 2014 to 17.1% in the fourth quarter 2014, and has increased from 16.0% since the fourth quarter 2013.

Northern Virginia recorded 128,827 square feet of absorption for the fourth quarter 2014, which brings the year-to-date total to -164,076 square feet. Positive absorption in the fourth quarter 2014 was driven by the GSA - Bureau of Safety & Environmental Enforcement’s 83,278-square-foot move to 45600 Woodland Road, as well as number of small and medium-sized move-ins. Significant negative absorption was caused by move-outs by CSC at Washington Tech Park I, Sunrise Assisted Living at 7900 Westpark Drive, and Freddie Mac at 8000 Jones Branch Drive.

Inside the Beltway, there were 59 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter 2014, compared to 58 buildings from the third quarter 2014.

Outside the Beltway, there were 95 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter 2014, compared to 96 buildings from the third quarter 2014.

Highlights

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Neil Alt Correll CAulfield tom ColiCChio elAiNe ClANCy Chris dysoN mAry fitzgerAld eriN JoNes eAmoN mCCrANN doug mCleArN stoddie Nibley Jed ProssNer JACk redmoNd

Northern Virginia Market Spotlight 4Q 2014

AskiNg reNtAl rAtes (full serviCe)

2004: $27.58 Psf2013: $32.26 Psf

ytd 2014: $32.29 Psf

iNveNtory: 181.8 millioN sfdireCt vACANCy: 16.2%totAl vACANCy: 17.1%

ytd AbsorPtioN: -164,076 sfytd leAsiNg ACtivity: 9.7 millioN sfuNder CoNstruCtioN: 2.4 millioN sf

% Pre-leAsed: 69.3%ytd deliveries: 1.8 millioN sf

10 yeAr AverAges (2004-2013)

totAl AbsorPtioN: 2.1 millioN sf/yrtotAl leAsiNg ACtivity: 12.6 millioN sf/yr

deliveries: 2.8 millioN sf/yr

Building Name Submarket Building Size Available Pre-Leased Delivery Date Developer Major Tenant(s)

Loudoun Station -43777 Central Station Drive

Route 28 North/Loudoun Co.

49,099 sf 49,099 sf 0.0% 1st qtr ‘15 Comstock Partners

None

COPT @ Westfields - 4850/4870 Stonecroft Boulevard

Route 28 South

300,000 sf 0 sf 0% 1st qtr ‘15 COPT CIA

1775 Tysons Boulevard Tysons Corner 476,913 sf 476,913 sf 0% 1st qtr ‘16 Lerner Enterprises

None

Mitre IV - 7598 Colshire Drive

Tysons Corner 340,000 sf 0 sf 100% 4th qtr ‘16 Cityline None

National Science Foundation HQ - 2401 Eisenhower Avenue

Alexandria 700,000 sf 18,034 sf 97.2% 1st qtr ‘17 Lowe Enterprises

NSF

CEB Tower - 1201 Wilson Boulevard

RBC 552,781 sf 195,700 sf 64.6% 1st qtr ‘18 JBG CEB

892,781 sf = 4th Quarter start Total Under Construction = 2.4 Million sf 69.3% Pre-leased (does not include condos)

One building delivered during the fourth quarter for a total of 321,965 square. MRP completed construction on Tysons Overlook – 7940 Jones Branch Drive, a 321,965-square-foot building, with Logistics Management Institute as an owner/user occupying floors one through six, leaving 140,094 square feet available for lease or sale.


Northern Virginia Under Construction

4th Quarter 2014


Direct vacancy in Alexandria has decreased from 17.5% in the third quarter 2014 to 17.2% in the fourth quarter 2014, and has increased from 16.3% since fourth quarter 2013. Total vacancy decreased from 19.1% from the third quarter 2014 to 18.8% in the fourth quarter 2014, and has increased from 17.0% since fourth quarter 2013.

Alexandria finished the fourth quarter 2014 with 35,965 square feet of absorption, yielding a year-to-date total of 75,294 square feet. The positive absorption can be primarily attributed to a number of smaller occupancies, including move-ins by HRCI at 1725 Duke Street and Stites & Harbison at 1199 North Fairfax Street.

One of the most noteworthy sales transactions executed throughout Northern Virginia during the fourth quarter 2014 was the sale of TransPotomac Canal Center – 11, 44, 66 and 99 Canal Center Plaza in Old Town. Tishman Speyer traded the 540,000-square-foot portfolio to a JV of Investcorp and American Real Estate Partners for $176 million or $327 per square foot with a 7.15% cap rate.

Leasing activity during the fourth quarter was driven by renewals (five of the seven top leases over 10,000 square feet) of space by federal agencies (National Credit Union Administration) and their contractors (Harris Corp, CB&I and Sentel). This is consistent with the hold pattern seen by such tenants throughout all of Northern Virginia.

Highlights

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Neil Alt Correll CAulfield elAiNe ClANCy tom ColiCChio Chris dysoN mAry fitzgerAld eriN JoNes eAmoN mCCrANN doug mCleArN stoddie Nibley Jed ProssNer JACk redmoNd

Alexandria Market Spotlight 4Q 2014


2004: $27.74 Psf2013: $31.24 Psf

ytd 2014: $32.47 Psf


ytd AbsorPtioN: 75,294 sfytd leAsiNg ACtivity: 1.3 millioN sf

uNder CoNstruCtioN: 700,000 sf% Pre-leAsed: 97.4%ytd deliveries: 0 sf


totAl AbsorPtioN: 174,601 sf/yrtotAl leAsiNg ACtivity: 851,455 sf/yr

deliveries: 343,542 sf/yr

King Street Station 31725 Duke Street

Tenant: CB&ISize: 15,134 sf Renewal

Parkway Office Building1201 East Abingdon Drive

Tenant: Harris CorporationSize: 39,000 sf Renewal

NSF HQ2401 Eisenhower Avenue

Size: 700,000 sfPrelease: 97.1%Delivery: 1st Qtr 2017Developer: Lowe EnterprisesMajor Tenant: National Science Foundation

115 South Union Street

Date Sold: Oct-2014Price: $8,500,000 ($266 psf)Cap Rate: 6.8%Buyer: GME Investments Seller: Twinbrooke AssociatesClass: Class BOccupancy: 100%

TransPotomac Canal Center11, 44, 66 & 99 Canal Center Plaza

Date Sold: Oct-2014Price: $176,000,000 ($327 psf)Cap Rate: 7.15%Buyer: American RE Partners/InvestcorpSeller: Tishman SpeyerClass: Class AOccupancy: 91%

Parkway Office Building1201 East Abingdon Drive

Tenant: Cypress InternationalSize: 13,000 sf Renewal

Cameron Run3601 Eisenhower Avenue

Tenant: The Leukemia & Lymphoma SocietySize: 10,466 sf Relet

Carlyle Gateway II1900 Duke Street

Tenant: National Credit Union AdministrationSize: 12,239 sf Renewal

Tycon Alexandria1101 King Street

Tenant: Sentel Size: 10,301 sf Renewal

Major Leases

saLes


Alexandria 4th Quarter 2014

Under ConstrUCtion


Direct vacancy in Crystal City has decreased from 23.1% in the third quarter 2014 to 21.8% the fourth quarter 2014, and has decreased from 23.4% since fourth quarter 2013. Total vacancy has decreased from 23.7% in the third quarter 2014 to 22.3% in the fourth quarter 2014, and has decreased from 24.2% since fourth quarter 2013.

Crystal City recorded 52,467 square feet of positive absorption during the fourth quarter 2014, yielding a year-to-date total of 68,984 square feet. Crystal City finished the year with three consecutive quarters of positive absorption, of which the majority the fourth quarter can be contributed to occupancies of 27,301 square feet by L-3 Communications at Crys-tal Gateway North and 10,951 square feet by Booz Allen Hamilton at Crystal Square 2.

In an effort to offset Crystal City’s historically high vacancy rate, Vornado, in partnership with WeWork, has begun rede-velopment on the vacant Crystal Plaza 6 – 2221 South Clark Street. After a complete conversion of the 150,000-square-foot building into 250 micro residential units, Vornado will lease the building to WeWork at a steep discount. This is a unique and innovative way to be adaptive and keep product relevant.

In what will result in organic growth much needed in the submarket, the American Diabetes Association signed a 68,000-square-foot lease at Crystal Park 5 – 2451 Crystal Drive, relocating from 1701 N Beauregard Street in the Al-exandria submarket. Booz Allen executed a renewal/expansion at 1550 Crystal Drive resulting in 12,000 square feet of positive absorption when they occupy their space in 2015.

Highlights

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Crystal City Market Spotlight 4Q 2014


2004: $33.51 Psf2013: $41.12 Psf

ytd 2014: $38.79 Psf


ytd AbsorPtioN: 68,984 sfytd leAsiNg ACtivity: 614,450 sf

uNder CoNstruCtioN: 0 sf% Pre-leAsed: 0%

ytd deliveries: 0 sf


totAl AbsorPtioN: -46,501 sf/yrtotAl leAsiNg ACtivity: 957,197 sf/yr


There were no buildings sold in the Crystal City submarket during the fourth quarter 2014.

There were no new construction starts in the Crystal City submarket during the fourth quarter 2014.

Potomac Gateway North2800 Crystal Drive

Tenant: EMCOR Gov’t ServicesSize: 38,246 sf Renewal

Crystal Park Five2451 Crystal Drive

Tenant: American Diabetes AssociationSize: 68,000 sf Relet

Crystal Park Three2231 Crystal Drive

Tenant: Disruption CorpSize: 13,000 sf Expansion

Crystal Park One2011 Crystal Drive

Tenant: Eastern FoundrySize: 20,945 sf Relet

Crystal Square 5251 18th Street South

Tenant: Technology Service CenterSize: 10,398 sf Relet

Crystal Square 21550 Crystal Drive

Tenant: Booz Allen HamiltonSize: 58,658 sf Renewal/Expansion

Major Leases

saLes


Crystal City 4th Quarter 2014

Under ConstrUCtion


Direct vacancy in Fairfax has increased from 13.2% in the third quarter 2014 to 14.5% in the fourth quarter 2014, and has increased from 12.9% since fourth quarter 2013. Total vacancy has increased from 13.8% in the third quarter 2014 to 15.0% in the fourth quarter 2014, and has increased from 13.4% since fourth quarter 2013.

The Fairfax submarket recorded -19,759 square feet of absorption at the end of the fourth quarter 2014, bringing the year-to-date total to -28,938 square feet absorbed. One of the largest contributions to negative absorption in Northern Virginia this quarter was General Dynamics’ 97,513-square-foot move-out from 10560 Arrowhead Drive, which was part of their regional consolidation to 12450 Fair Lakes Circle. This large move-out was partially counteracted by Service Source moving its 65,397-square-foot regional office to 10467 White Granite Drive and Virginia Vision Associates moving into 19,469 square feet at Sherwood Plaza.

One could speculate that the lack of tenant demand is a consequence of the delivery of the Silver Line and the resulting at-tractiveness of submarkets closer in proximity. Leasing activity recorded during the fourth quarter, 67,225 square feet, marks a historical low for the submarket. Class A vacancy within the submarket has gradually increased since fourth quarter 2013 16.4% to 17.1% recorded at year-end 2014.

Highlights

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Fairfax Market Spotlight 4Q 2014


2004: $23.86 Psf2013: $27.09 Psf

ytd 2014: $27.08 Psf


ytd AbsorPtioN: -28,938 sfytd leAsiNg ACtivity: 928,428 sf


ytd deliveries: 112,507 sf


totAl AbsorPtioN: -2,795 sf/yrtotAl leAsiNg ACtivity: 810,524 sf/yr


There were no new construction starts in the Fairfax submarket during the fourth quarter 2014.

There were no buildings sold in the Fairfax submarket during the fourth quarter 2014.

Centerpointe Two4000 Legato Road

Tenant: MG-IP LawSize: 10,681 sf Expansion

One Flint Hill10530 Rosehaven Street

Tenant: Lockheed MartinSize: 11,042 sf Renewal

Major Leases

saLes


Fairfax 4th Quarter 2014

Under ConstrUCtion


Direct vacancy in Loudoun County has decreased from 15.8% in the third quarter 2014 to 15.5% in the fourth quarter 2014, and has decreased from 16.1% since fourth quarter 2013. Total vacancy has decreased from 16.3% in the third quarter 2014 to 16.1% in the fourth quarter 2014, and has decreased from 16.4% since fourth quarter 2013.

Loudoun County recorded 113,873 square feet of positive absorption during the fourth quarter 2014, which brings the year-to-date total to 185,608 square feet. Loudoun County concluded the year with three straight quarters of positive absorption. The majority of the positive absorption during the fourth quarter was driven by an 82,697 square-foot move in at 45600 Woodland Road by the Bureau of Safety & Environmental Enforcement.

The largest lease transaction of the fourth quarter in Northern Virginia was K2M’s 146,000-square-foot pre-lease at Tram-mell Crow and Keane Enterprise’s Oaklawn development in Leesburg. K2M’s current headquarters is in Leesburg at 751 Miller Drive Southeast, and when their rapid expansion lead them to search for a larger headquarters they were given over $850,000 in grants from the State of Virginia to remain within Loudoun County.

Highlights

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Loudoun County Market Spotlight 4Q 2014


2004: $22.54 Psf2013: $24.54 Psf

ytd 2014: $24.31 Psf

iNveNtory: 15 millioN sfdireCt vACANCy: 15.5%totAl vACANCy: 16.1%


uNder CoNstruCtioN: 49,099 sf% Pre-leAsed: 0%





Loudoun Station43777 Central Station Drive

Size: 49,099 sfPrelease: 0%Delivery: 1st Qtr 2015Developer: Comstock PartnersMajor Tenant: None

There were no buildings sold in the Loudoun County submarket during the fourth quarter 2014

Oaklawn @ Leesburg600-616 Hope Parkway

Tenant: K2MSize: 146,000 sf Pre-lease/BTS

Major Leases

saLes


Loudoun county 4th Quarter 2014

Under ConstrUCtion


Direct vacancy in Merrifield has increased from 11.4% in the third quarter 2014 to 12.3% in the fourth quarter 2014, and has increased from 11.2% since fourth quarter 2013. Total vacancy has increased from 12.3% in the third quarter 2014 to 13.2% in the fourth quarter 2014, and has decreased from 13.4% since fourth quarter 2013.

Merrifield absorbed -28,942 square feet during the fourth quarter 2014, bringing the year-end total to 95,087 square feet. This year-to-date absorption total is a significant turnaround for the submarket compared to 2013, which finished the year with -311,912 square feet of absorption. This also marks the first time in two years that the submarket has recorded end-of-year positive absorption. Negative absorption in the fourth quarter 2014 can be attributed to a handful of small move-outs.

Reed Smith will soon be vacating over 50,000 square feet in 3110 Fair View Park Drive to consolidate and upgrade space at Tysons Tower – 7900 Tysons One Place. This move exemplifies real estate fundamentals being adopted by tenants throughout Northern Virginia: the price of paying more per square foot is worth consolidating space to newer product situated in a transit-oriented, mixed-use development.

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Merrifield Market Spotlight 4Q 2014


2004: $26.79 Psf2013: $30.99 Psf

ytd 2014: $31.08 Psf








Major Leases

saLes


Merrifield 4th Quarter 2014

Under ConstrUCtion

There were no new construction starts in the Merrifield submarket during the fourth quarter 2014.

There were no buildings sold in the Merrifield submarket during the fourth quarter 2014.

MetroPlace II2600 Park Tower Drive

Tenant: BoeingSize: 121,006 sf Renewal

Prosperity Medical Center 18501 Arlington Boulevard

Tenant: INOVASize: 19,099 sf Relet

Willow Oaks 38270 Willow Oaks Corporate Drive

Tenant: Direct Holdings of AmericaSize: 16,563 sf Relet

2941 Fairview Park Drive

Tenant: Booz Allen HamiltonSize: 12,035 sf Relet

Fairview Eleven Tower3141 Fairview Park Drive

Tenant: Lee & MorseSize: 10,998 sf Relet


Direct vacancy in the RB-Corridor has decreased from 18.5% in the third quarter 2014 to 18.4% in the fourth quarter 2014, and has increased from 15.6% since fourth quarter 2013. Total vacancy has decreased from 19.3% in the third quarter 2013 to 19.1% in the fourth quarter 2014, and has increased from 16.6% since fourth quarter 2013.

The RB Corridor submarket finished the fourth quarter 2014 with -51,892 square feet of absorption, which brings year-to-date absorption in the submarket to -595,961 square feet. Contributing to the negative absorption in the submarket this quarter was an 81,600 square-foot move-out by FBR at Potomac Tower, which consolidated its headquarters to 54,540 square-feet in Arlington Tower. Positive changes in the submarket during the fourth quarter 2014 included a 27,813 move-in by Evolent Health to a new headquarters at 800 North Glebe Road. 2014 represents the fourth consecutive year of negative absorption for the RB Corridor.

The JBG Cos. broke ground on the 552,781-square-foot CEB Tower at 1201 Wilson Boulevard, which is the second largest office building currently under construction in Northern Virginia. The building is slated to be completed in the first quarter 2018 at which point it will be anchored by the Corporate Executive Board, who will vacate their current space nearby at 1919 North Lynn Street and 1777 North Kent Street. CEB will occupy the first floor through the twentieth floor, leaving the remaining floors available for lease.

KBS’s purchase of 3003 Washington Boulevard from Penzance and Invesco was not only the third largest sales transaction in Northern Virginia in the quarter; at $706 psf, it sold for the highest price per square foot throughout Northern Virginia in 2014. The majority of the top transactions in 2014 were sold below $300 per-square-foot.

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Rosslyn-Ballston Corridor Market Spotlight 4Q 2014


2004: $31.67 Psf2013: $42.29 Psf

ytd 2014: $41.68 Psf


ytd AbsorPtioN: -595,961 sfytd leAsiNg ACtivity: 1.67 millioN sf

uNder CoNstruCtioN: 552,781 sf% Pre-leAsed: 64.6%



totAl AbsorPtioN: 266,750 sf/yrtotAl leAsiNg ACtivity: 1.9 millioN sf/yr


Webb Building4040 North Fairfax Drive

Date Sold: Dec-2014Price: $56,200,000 ($296 psf)Buyer: Lionstone Investments/PenzanceSeller: Federal Capital Partners/RESI Mgmt.Class: Class BOccupancy: 49.3%

3003 Washington Boulevard

Date Sold: Dec-2014Price: $149,100,000 ($706 psf)Cap Rate: 5.5%Buyer: KBSSeller: Penzance/InvescoClass: Class AOccupancy: 97%

Rosslyn Overlook1616 North Fort Myer Drive

Tenant: GSA-DHSSize: 46,500 sf Renewal

NRECA I & II4301/4401 Wilson Boulevard

Tenant: Carnegie Mellon Size: 42,221 sf Renewal

4100 North Fairfax Drive

Tenant: Canon USASize: 15,960 sf Relet

Commonwealth Tower1300 Wilson Boulevard

Tenant: Rockwell Collins Size: 10,235 sf Renewal/Downsize

International Place1735 North Lynn Street

Tenant: Salem CommunicationSize: 23,052 sf Relet

Navy League Building2300 Wilson Boulevard

Tenant: Segue TechnologiesSize: 19,555 sf Renewal

Courthouse Plaza 22300 Clarendon Boulevard

Tenant: Safran USASize: 18,000 sf Renewal

Rosslyn Metro Center1700 North Moore Street

Tenant: Innovative DiscoverySize: 11,346 sf Expansion

1320 North Courthouse Road

Tenant: UndisclosedSize: 120,942 sf Renewal/Expansion

Arlington Tower1300 North 17th Street

Tenant: Promontory Financial Size: 36,869 sf Relet

Major Leases

saLes


RB Corridor 4th quarter 2014

Under ConstrUCtionCEB Tower

1201 Wilson Boulevard

Size: 552,781 sfPrelease: 64.6%Delivery: 1st Qtr 2018Developer: JBGMajor Tenant: Corporate Executive Board


Direct vacancy has remained flat at 11.8% from the third quarter 2014 to the fourth quarter 2014, and has increased from 11.2% since fourth quarter 2013. Total vacancy has increased from 13.0% from the third quarter 2014 to 13.1% the fourth quarter 2014, and has increased from 12.8% since fourth quarter 2013. There was 141,245 square feet of absorption recorded during the fourth quarter 2014, which brings the year-to-date total to 252,320 square feet. The positive absorption this quarter was more the double the amount recorded in the third quarter 2014, and consisted of over eight smaller move-ins above 10,000 square feet. The most significant of these moves con-sisted of SES Government Services moving into their new 30,306-square-foot headquarters at 11790 Sunrise Valley Drive, a 24,930-square-foot occupancy by the National Automated Clearing House Association at 2550 Wasser Terrace, and a 20,585-square-foot move-in by hCentive at Sunrise Plaza 1.

The Reston-Herndon submarket had the largest number of sales transactions over $10 million out of any submarket in Northern Virginia during the fourth quarter 2014, totalling seven such transactions. The largest of these deals was the sale of Reston Square by Westbrook Partners to KBS REIT III for $48 million, or $345 per-square-foot. With the exception of Reston Metro I & II, all of the buildings sold had an occupancy above 75% at the time of sale.

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Reston-Herndon Market Spotlight 4Q 2014


2004: $24.67 Psf2013: $27.53 Psf

ytd 2014: $28.43 Psf


ytd AbsorPtioN: 252,320 sfytd leAsiNg ACtivity: 1.3 millioN sf






Major Leases

saLes


Reston-herndon4th quarter 2014

Under ConstrUCtion

There were no new construction starts in the Reston-Herndon submarket during the fourth quarter 2014.

Reston Square11790 Sunrise Valley Drive

Date Sold: Dec-2014Price: $48,000,000 ($345 psf)Cap Rate: 6.8%Buyer: KBS REIT IIISeller: Westbrook PartnersClass: Class A Occupancy: 92%

Dulles Metro Center2325 Dulles Corner Boulevard

Date Sold: Oct-2014Price: $45,450,000 ($207 psf)Buyer: Pinkard/Principal RE InvestorsSeller: DEKA ImmoblienClass: Class AOccupancy: 75.6%

Commerce Metro VI11480 Commerce Park Drive

Date Sold: Oct-2014Price: $38,100,000 ($261 psf)Cap Rate: 6%Buyer: TA AssociatesSeller: New Tower Trust Co./MEPTClass: Class AOccupancy: 92.3%

Campus Pointe1880 Campus Commons Drive

Date Sold: Oct-2014Price: $42,500,000 ($246 psf)Buyer: Verizon (Owner/User)Seller: Brandywine Realty Trust Class: Class BOccupancy: 97.1%

Patriots Park I-III12310, 12300 & 12290 Sunrise Valley Drive

Date Sold: Oct-2014Price: $321,000,000 ($454 psf)Cap Rate: 5.6%Buyer: Hyundai SecuritiesSeller: Boston Properties Class: Class AOccupancy: 100%

Reston Metro I & II12160 & 12162 Sunrise Valley Drive

Date Sold: Nov-2014Price: $27,800,000 ($100 psf)Buyer: Coretrust/Normandy Seller: Thomas Properties/CalSTRSClass: Class A/BOccupancy: 0.75%

Plaza America Tower 1 11700 Plaza America Drive

Tenant: Software AGSize: 73,349 sf Renewal

Plaza America Tower 311720 Plaza America Drive

Tenant: BechtelSize: 45,799 sf Sublet/Expansion

RTC West III12120 Sunset Hills Road

Tenant: Sage SoftwareSize: 41,662 sf Relet

Monument II12950 Worldgate Drive

Tenant: SmartronixSize: 13,308 sf Relet

One Reston Overlook12011 Sunset Hills Road

Tenant: Kforce Staffing Size: 12,102 sf Renewal


Direct vacancy in the Route 28 North submarket has decreased from 18.2% in the third quarter 2014 to 17.5% in the fourth quarter 2014, and has decreased from 17.9% since fourth quarter 2013. Total vacancy has decreased from 18.9% in the third quarter 2014 to 18.3% in the fourth quarter 2014, and has remained flat at 18.3% since fourth quarter 2013.

The Route 28 North submarket experienced 105,195 square feet of positive absorption in the fourth quarter. Despite ending the first quarter 2014 with -220,733 square feet absorbed, after three straight quarters of positive absorption the submarket has rebounded and ended the year slightly positive with a year-to-date total of 8,139 square feet. The major-ity of positive absorption during the fourth quarter was due to the GSA - Bureau of Safety & Environmental Enforcement’s 83,278-square-foot move to 45600 Woodland Road.

Loudoun Station - 43777 Central Station Drive’s delivery scheduled for the fourth quarter 2014 was delayed until the first quarter 2015. Since the project has yet to experience any pre-lease activity, vacancy rates can be expected to rise when the building comes online.

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Route 28 North Market Spotlight 4Q 2014


2004: $21.28 Psf2013: $23.88 Psf

ytd 2014: $23.69 Psf


ytd AbsorPtioN: 8,139 sfytd leAsiNg ACtivity: 425,541 sfuNder CoNstruCtioN: 49,099 sf

% Pre-leAsed: 0%ytd deliveries: 0 sf




Major Leases

saLes


Route 28 North4th quarter 2014

Under ConstrUCtion

Loudoun Station43777 Central Station Drive

Size: 49,099 sfPrelease: 0%Delivery: 1st Qtr 2015Developer: Comstock PartnersMajor Tenant: None

Loudoun Tech Corporate Campus A-C21660, 21670 & 21680 Ridgetop Circle

Date Sold: Nov-2014Price: $11,650,000 ($93 psf)Buyer: St. John PropertiesSeller: Hudson AdvisorsClass: Class BOccupancy: 33.3%

There were no major leases in the Route 28 North submarket during the fourth quarter 2014.


Direct vacancy in the Route 28 South submarket has increased from 15.3% in the third quarter 2014 to 17.2% in the fourth quarter 2014, and has increased from 14.3% since fourth quarter 2013. Total vacancy has increased from 16.0% from the third quarter 2014 to 17.9% in the fourth quarter 2014, and has increased from 15.3% since fourth quarter 2013.

The Route 28 South submarket finished the fourth quarter with -210,164 square feet, with a year-to-date absorption total of -389,467 square feet. Negative absorption was driven by the vacating 176,945 square-feet at Washington Tech Park I - 15000 Conference Center Drive by Computer Sciences Corporation, which contributed to 2014 having the largest year-to-date negative absorption recorded in the submarket in the past ten years.

The portfolio sale of Liberty Center I-III - 14660, 14672 and 14668 Lee Road in Chantilly was one of the largest sales transac-tions in Northern Virginia during the fourth quarter 2014, and one of four transactions over $100 million. A joint venture of Eaton Vance and Duke Realty purchased the 409,000-square-foot portfolio from KBS REIT III for $101 million or $247 per square foot with a 8.19% cap rate. At the time of sale, all three buildings were nearly fully leased to Boeing, Scitor Corporation and Leidos respectively.

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Route 28 South Market Spotlight 4Q 2014


2004: $22.18 Psf2013: $25.16 Psf

ytd 2014: $25.47 Psf


ytd AbsorPtioN: -389,467 sfytd leAsiNg ACtivity: 370,769 sfuNder CoNstruCtioN: 300,000 sf

% Pre-leAsed: 100%ytd deliveries: 375,250 sf




COPT @ Westfields4850 & 4870 Stonecroft Boulevard

Size: 300,000 sfPrelease: 100%Delivery: 1st Qtr 2015Developer: COPTMajor Tenant: CIA

Plaza East II14291 Park Meadow Drive

Tenant: OG SystemsSize: 34,526 sf New

Trinity Centre 15870 Trinity Parkway

Tenant: Riverside ResearchSize: 10,685 sf Relet

Liberty Center I-III14660, 14672 & 14668 Lee Road

Date Sold: Nov-2014Price: $101,000,000 ($247 psf)Cap Rate: 8.9%Buyer: Federal PartnersSeller: Eaton Vance/Duke Realty Class: Class AOccupancy: 99%

Greens II15059 Conference Center Drive

Tenant: BoeingSize: 25,777 sf Relet

Independence Center 215040 Conference Center Drive

Tenant: Arion Systems, Inc.Size: 16,333 sf Renewal

Major Leases

saLes


Route 28 South4th quarter 2014

Under ConstrUCtion


Direct vacancy in the Springfield submarket has increased from 21.5% in the third quarter 2014 to 22.2% in the fourth quarter 2014, and has decreased from 23.7% since fourth quarter 2013. Total vacancy has increased from 25.5% in the third quarter 2014 to 25.7% in the fourth quarter 2014, and has decreased from 26.3% since fourth quarter 2013.

The Springfield submarket ended the fourth quarter 2014 nearly flat, with 1,081 square feet of positive absorption. This brings the year-to-date total to -57,418 square feet. Positive absorption the fourth quarter 2014 was primarily driven by a 26,187 square-foot move-in by Xator Corporation at 5680 King Centre Drive.

Class A product within the Springfield accounts for 25% of total inventory within the submarket. This being the case, the Class A buildings in Springfield finished the year at 38% total vacancy with an average asking price of $37.82 psf. Consequently, we can expect landlords and owners in the submarket to begin to lower asking rates and offer incentives such as aggressive concessions and abatement packages to attract tenants to Springfield.

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Springfield Market Spotlight 4Q 2014


2004: $25.12 Psf2013: $28.37 Psf

ytd 2014: $29.37 Psf


ytd AbsorPtioN: -57,418 sfytd leAsiNg ACtivity: 158,179 sf






There were no new construction starts in the Springfield submarket during the fourth quarter 2014.

There were no buildings sold in the Springfield submarket during the fourth quarter 2014

Major Leases

saLes


Springfield 4th quarter 2014

Under ConstrUCtion

There were no major leases in the Springfield submarket during the fourth quarter 2014.


Direct vacancy in the Tysons Corner submarket has decreased from 15.7% in the third quarter 2014 to 15.5% in the fourth quarter 2014, and has increased from 13.6% from the fourth quarter 2013. Total vacancy has decreased from 16.6% from the third quarter 2014 to 16.3% in the fourth quarter 2014, and has increased from 14.5% since fourth quarter 2013.

The Tysons Corner submarket finished 2014 with five consecutive quarters of negative absorption, ending the fourth quarter with -135,435 square feet, which brings the year-to-date total to -322,441 square feet. A major contributor to the negative absorption was Freddie Mac, who consolidated within their existing portfolio, and vacated the entirety of 8000 Jones Branch Drive totaling 202,840 square feet. Additionally, Sunrise Assisted Living vacated 125,546 square feet at the Tower Building - 7900 Westpark Drive.

The final project to complete construction this year was Tysons Overlook – 7940 Jones Branch Drive. The 321,965-square-foot building was developed by MRP Realty and is occupied by partial-owner and user LMI. There are 140,074 square feet remaining available for either sale or lease.

Added to the construction pipeline this past quarter was Mitre 4 – 7958 Colshire Drive. The project is being developed by Cityline Partners and will yield a 340,000-square-foot office building fully occupied by Mitre upon its expected delivery in late 2016.

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Neil Alt Correll CAulfield elAiNe ClANCy tom ColiCChio Chris dysoN mAry fitzterAld eriN JoNes eAmoN mCCrANN doug mCleArN stoddie Nibley Jed ProssNer JACk redmoNd

Tysons Corner Market Spotlight 4Q 2014


2004: $25.10 Psf2013: $30.18 Psf

ytd 2014: $33.36 Psf


ytd AbsorPtioN: -322,441 sfytd leAsiNg ACtivity: 1.6 millioN sf

uNder CoNstruCtioN: 816,913 sf% Pre-leAsed: 41.6%





MITRE 47598 Colshire Drive

Size: 340,000 sfPrelease: 100%Delivery: 1st Qtr 2016Developer: CitylineMajor Tenant: Mitre

The Corporate Office Centre @ Tysons II1775 Tysons Boulevard

Size: 476,913 sfPrelease: 0.0%Delivery: 1st Qtr 2016Developer: Lerner EnterprisesMajor Tenant: None

Tysons Tower7900 Tysons One Place

Tenant: Reed SmithSize: 28,553 sf New

Towers Crescent/A8000 Towers Crescent Drive

Tenant: Capital OneSize: 26,872 sf Expansion

Tower Building7900 Westpark Drive

Tenant: LCC InternationalSize: 22,441 sf Relet

Greensboro Station 11765 Greensboro Station Place

Tenant: Tysons Business CenterSize: 21,249 sf Relet

8201 Greensboro Drive

Tenant: Executive OfficesSize: 15,202 sf Sublet

Tysons Corner Office Center8300 Greensboro Drive

Tenant: Williams MullenSize: 14,646 sf Relet


Tenant: Potomac CollegeSize: 10,699 sf Relet

Westwood Office Building8618 Westwood Center Drive

Tenant: Homefix Custom RemodelingSize: 11,797 sf Relet

Tysons Metro Center III8281 Greensboro Drive

Tenant: E3 Federal SolutionsSize: 12,408 sf Relet


Tenant: GSA-FInCENSize: 124,990 sf Renewal

Major Leases

saLes


Tysons Corner 4th quarter 2014

Under ConstrUCtion

There were no buildings sold in the Tysons Corner submarket during the fourth quarter 2014

Documents

Metropolitan DC Market Overview 4Q 2014square foot, Full Service. From November 2013 to November 2014 employment in the DC Metropolitan area had a net increase of 18,900 jobs representing