U.S. Department of Defense Renews 606,575-SF Lease at Hoffman Tower II
- Jul 20, 2014
The U.S. General Services Administration, on behalf of the U.S. Department of Defense, has recently renewed its lease for 606,575 square feet of space at Hoffman Tower II in Alexandria’s urban center. The transaction represents the largest lease signed in the D.C. area this past year.
Newmark Grubb Knight Frank’s Brendan Owen, chairman of the asset services group for the Washington, D.C., area, and principal Scott Johnston represented the landlord in the transaction. CBRE Group Inc. represented the tenant.
In a news release, Owen said the transaction is not only the largest lease in the Washington, D.C., region in 2014 but also one of the top five in the area in the last five years. He added that the Department of Defense has called Hoffman Tower II home for more than 30 years; it recently modernized the building, making it more energy efficient.
Hoffman Tower II was constructed in 1973, according to real estate website PropertyShark, which also lists the property’s current market value at $101.9 million. The 13-story building is located at 200 Stovall St. It is part of Hoffman Town Center, an urban mixed-use development constructed by The Hoffman Co. in central Alexandria.
Hoffman Town Center occupies 54 acres of space close to the Eisenhower Avenue Metro Station and the U.S. Federal District Courthouse. When finished, it will feature more than 5 million square feet of office, retail and residential space. Recently, sister building Hoffman Tower I completed a multimillion-dollar renovation. This Class A building now features a new façade, an impressive lobby, a state-of-the-art HVAC system, a fitness center and a conference center.
Photo credit: Hoffman Town Center