Cushman & Wakefield Exclusive on PRC Office Park

MCLEAN, VA-Cushman & Wakefield has been selected as the exclusive broker to sublease 285,000 sf of the 570,000-sf PRC Corporate Office Park here. The campus is owned by West Group of McLean and comprises two buildings located at 7555 and 7575 Colshire Drive.

C&W’s Brian Raher, Chip Ryan and David Scheinberg are in charge of subleasing efforts for PRC. Raher told GlobeSt.com that PRC was a division of Litton Industries, which was acquired by Northrop Grumman Corp. last fall. Raher said simple economics of merging two companies and reorganizing resources led to the division by PRC to take less space on the campus. The two buildings are in an “L” shape; with a pad site for a third building that would create a “U”, Raher said.

Research from area real estate firms has described a large amount of space being returned to the market for sublease in Northern Virginia, dragging down absorption rates and pushing vacancy rates into the double-digit percentages. “There is concern anytime you see space come back on the market,” Raher said, but added that McLean, better known as Tysons Corner, was not hit like other suburbs. “If you look in Reston [and] Herndon, the real explosive growth was there. It was the major hub for the telecommunications companies and dot-coms that have been annihilated,” said Raher. “Tysons Corner was not completely immune, but you have got a core of service firms, large accounting firms, law firms. It’s really a very mature market compared to Reston and Herndon.”