Secure Government Building
Transaction Summary
| Source |
Seller Relationship |
| Investment Date |
July 2007 |
| Property Description |
Office |
| Location |
Fairfax County, VA |
| Property Size |
95,000 SF |
| Asset Attributes |
- 100% leased with a 75,000 square foot government lease expiring in November 2007
- Specialized improvements needed by government tenant to support mission-critical activities related to defense and national security
|
Value Creation Plan
|
- Renew government lease
- Complete a lease extension with the government tenant
- Mitigate high operating costs associated with the government operations which were more energy intensive than typical office users
- Manage tenant infrastructure construction
- Tenant required above market, extensive, non-standard improvements to assist in mission-critical activities
|
Results
|
- Renewed the government lease
- Successfully managed the tenant construction; work completed on time and on budget with minimal impact on tenant operations
- As a result of the construction management performance, Penzance was awarded significant additional work
|
