Behind Alexandria's Big News
The National Science Foundation and its 2,100-some employees are headed for Alexandria. One of DC's government leasing gurus says it's about pricing--which is the same reason we see movies at 2pm instead of midnight. (And the popcorn is fresher.)
Hoffman Development's Hoffman Town Center, where NSF will move from Ballston no later than 2017, likely stood out as a better value than competitors in Arlington County and elsewhere in NoVa, Cassidy Turley's Darian LeBlanc tells us. GSA reports that the NSF lease is 30% below market rate, saving taxpayers $65M over the 15-year term. The site, off 495 near the Eisenhower Ave Metro stop, checked all the boxes for GSA, he tells us, noting Alexandria's incentive package didn't hurt either. NSF's 661k SF will also highlight the sustainability and efficiency GSA aims to have in all big government leases, Darian adds. JLL repped Hoffman in the deal.
