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A Prince George's County office property will retain its full-building tenant under a new General Services Administration lease.
Office Properties Income Trust, the REIT formed last year from the Government Properties-Select Income REIT merger, secured a 266K SF lease with the Defense Intelligence Agency at 3300 75th Ave. in Landover, the Washington Business Journal reports.
The GSA awarded the lease Thursday, just two days before the agency's previous lease was set to expire. A Senate committee in June approved the GSA's request that it sent in 2017.
The agency did not disclose the length of the lease term, but the original prospectus called for a 20-year term and the deal is valued at $91.7M, meaning it likely secured a long-term lease. The GSA has sought to sign longer-term deals in order to pay lower rental rates and save taxpayer money.
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