LCOR Delivers Alexandria Offices

ALEXANDRIA-LCOR has completed construction of two class-A office buildings in the Carlyle area of Alexandria. The four-story office and retail buildings are located at 1920 and 2050 Ballenger Ave., and were developed for a combined $58 million. Ready for occupancy the buildings are delivering 91,000 square feet of office and 37,000 square feet of retail into this submarket. The company is actively marketing the sites right now.

A close in suburb to DC, Alexandria’s vacancy rates have remained stable through the third quarter, according to a GVA Advantis report. They were registering 5.3% by the end of September. Still, though, most tenants here–and through the District–are more than likely to opt to renew current leases instead of move to new buildings.

Recent leases inked here, according to GVA Advantis, include Reed Technology Services, which signed a pre-lease for 34,600 square feet at 2331 Mill Rd.; HumRRO leased 13,691 square feet at 66 Canal Center Plaza; Morgan Stanley renewed for 12,107 square feet at 1737 King St.; and Commonwealth Trading leased 11,400 square feet at 300 North Lee St.

Asking rates have decreased over the last year from an average of $32 per square foot to $31.70 per square foot, the report also found. LCOR’s project team included general contractor Turner Construction and architect Still & Svitchan Assoc. Transwestern Retail is providing retail brokerage services, with CB Richard Ellis serving as office broker. LCOR will manage the buildings. The company was not able to speak with GlobeSt.com in time for publication.