Boston Properties Sells TSA Headquarters Project In Springfield
The General Services Administration in August 2017 awarded Boston Properties a 15-year lease for the 625K SF build-to-suit facility. The award came after Boston Properties successfully protested the TSA's original lease at Alexandria's Victory Center, with a judge voiding the deal.
The deal came as part of a string of five major leasing wins for Boston Properties totaling nearly 3M SF throughout the region. Boston Properties is also developing build-to-suit office projects for Leidos and Fannie Mae in Reston, for Marriott International in Bethesda and for WilmerHale in Foggy Bottom.
The developer has pursued a strategy of selling assets to help fund those new construction projects. In January 2018, it sold the International Trade Commission's Southwest D.C. Headquarters for $119M. In December, it sold a Dupont Circle office building for $136.5M to a JV of The Meridian Group and WeWork. Also last quarter, it sold a 41-acre piece of land at its Tower Oaks property in Rockville for $46M, according to its earnings report.