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On behalf of the U.S. Department of Defense, the U.S. General Services Administration (GSA) has signed a lease renewal for 606,575 square feet at Hoffman Tower II in Alexandria, Va.’s urban center. Washington, D.C. based Brendan Owen, chairman-Asset Services group, and Principal Scott Johnston of Newmark Grubb Knight Frank (NGKF) represented owner, The Hoffman Co. The tenant was represented by CBRE.
“This is the largest lease in the Washington, D.C. region in 2014, and is one of the top five in the region in the last five years,” said Mr. Owen, who exclusively represents the Hoffman family. “The Department of Defense has occupied the site for more than 30 years, and more recently has modernized the building, including energy efficiency upgrades.”
Hoffman Tower II is part of Hoffman Town Center, an urban mixed-use development in central Alexandria, developed by The Hoffman Co. Located adjacent to the Eisenhower Avenue Metro Station and within three blocks of the U.S. Federal District Courthouse, Hoffman Town Center represents the potential for more than five million square feet of office, retail and residential space on 54 acres. Hubert Hoffman first conceived of the master-planned entertainment, business and residential project to become the core of Eisenhower Valley.
This latest transaction comes after USAA Real Estate Co. purchased the 2.03-acre development site for the new headquarters of the National Science Foundation (NSF), which signed a 704,571-square-foot pre-construction lease last summer. Mr. Owen represented The Hoffman Co. in the land sale this April.
Other notable activity at Hoffman Town Center includes the recently renovated Hoffman Tower I. The Class A building completed a multi-million dollar renovation that preserved the concrete super-structure while ushering in the advantages that a 21st-century business demands. Designed by Noritake & Associates, Hoffman Tower I features a brand new façade, an impressive lobby, a state-of-the-art HVAC system that maximizes ceiling heights, a tenant-only fitness center, and an expansive conference center.
“This state-of-the-art property is the newest product to come on line in Alexandria’s Carlyle area since the construction of 1701 Duke Street in 2010,” Mr. Owen said. “We are seeing a great deal of interest.”
Mr. Owen is also marketing a multifamily parcel in the center known as Block 11, where grocer Harris Teeter has committed to the retail base of the proposed development. The new store is within walking distance of the three office buildings and will expand and complement the Hoffman Town Center’s retail amenities.
“The opportunities are part of fulfilling Mr. Hoffman’s original concept of creating a vibrant, self-sustaining and integrated community in Alexandria that is a hub of daytime and evening activity,” Mr. Owen said.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.