Meta Group Renews Lease

RESTON, VA-Stamford, CT-based information technology services provider Meta Group Inc. has renewed its lease in the 77,000-sf office building at 1950 Roland Clarke Pl. The company will continue to occupy its 16,300-sf space on the third floor of the five-story property for an additional five years. Only 6,000 sf remain available. Office space in Reston, according to Delta Associates’ First Quarter 2003 report, leases for an average effective rate of about $22.25 per-sf.

In January of this year, ownership of the structure changed hands when intellectual property law firm Greenblum and Bernstein PLC, also a tenant at 1950 Roland Clarke with over 48,000 sf, acquired the building from Hartford, CT-headquartered insurance company Cornerstone/Mass Mutual for $11.5 million or $150 per sf.

“The new ownership is making dramatic improvements to the building,” explains Advantis/GVA’s Jim Meisel. Meisel and colleague Dek Potts represented the property owner in the deal. “This renewal and extension allowed the landlord to stabilize the building on a long-term basis,” he adds.