Arlington, VA – September 24, 2018 – FD Stonewater announced today that it successfully represented building ownership in securing a long-term lease renewal with the General Services Administration (GSA) for 511,000 square feet, in what is the largest Northern Virginia federal leasing deal this year. The transaction was completed for a two-building complex, known as Lincoln Place; a highly secure facility situated in Arlington County’s Pentagon City neighborhood. Lincoln Place is fully occupied by the U.S. Drug Enforcement Administration (DEA) and serves as the DEA’s national headquarters.
FD Stonewater negotiated the 15-year lease renewal in a highly-competitive procurement and will now represent the owner, as construction manager, during a comprehensive, multi-phase building redevelopment and renovation program slated to complete in 2020. FD Stonewater represented ownership in all aspects of negotiating the new lease at Lincoln Place and concurrently is negotiating the swing space requirement for the renovation.
Chad Habeeb, Vice President at FD Stonewater, commented, “With TSA’s forthcoming departure from Pentagon City, there was a lot of pressure on the County to keep the DEA in Arlington and getting the County involved was imperative to the success of this deal. We are optimistic that this renewal will materially impact the county’s economic vitality, as nearly 3,000 jobs will remain in the county and the redevelopment of the site and mission expansion of the agency will likely spur additional jobs and growth.”
Joe Delogu, Principal at FD Stonewater, added, “We are thrilled to have secured the DEA’s tenancy in Arlington County for the next 15 years. The redevelopment of this complex will greatly improve the properties and will meet the tenant’s modern occupancy standards. We are extremely proud to be a part of this transaction that will improve the DEA’s efficiency in carrying out their mission, while also maintaining this value-critical occupancy for ownership and positively impacting the county at large.”
FD Stonewater worked closely with Joel Berelson and Gregg Otten of the GSA, as well as the GSA’s tenant brokers, Henry Chapman and Sara Dunstan of CBRE. This highly competitive, prospectus-level deal is nearly four years in the making and required a strategic, creative approach to successfully meet ownership and tenant objectives.
About FD Stonewater
FD Stonewater is a boutique real estate investment, development, brokerage and advisory firm headquartered in Washington, DC. Collectively, the firm’s leadership has a track record of more than $10 billion, over 45 million square feet of lease transactions, and 18 build-to-suit projects completed, with $240 million of federal development currently under construction.
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