The Northern Virginia office market consists of four markets including Alexandria City, Arlington, Fairfax and Loudoun counties. Arlington and Fairfax counties are the largest with four submarkets in Arlington and fourteen submarkets in Fairfax County.

Contact – Bob Shue, Principal, Brokerage Group

Alexandria – Grosvenor International purchased Carlyle Gateway I & II located at 1900 Duke Street and 333 John Carlyle Street for $84.5 million. Grosvenor International acquired the two properties that total 247,000 square feet from Cousins Properties. Carlyle Gateway I was developed in 1989 and Carlyle Gateway II was developed in 2000. The buildings are located within walking distance to the King Street Metro Station.

Fairfax Center – PS Business Parks, Inc. purchased the 170,500-square-foot Fairfax Executive Park located at 3949–3959 Pender Drive for $22.4 million. PS Business Parks acquired the property from Westbrook Partners. The complex consists of six buildings – two three-story buildings and four one-story buildings. At the time of sale, the building was 82% leased to 26 tenants.

Herndon – A provider of independent financial services, Summit Financial leased 34,029 square feet in Parkway One at 555 Herndon Parkway. They signed a 5-year lease at the 87,842 square foot, Class B office building which is part of the Parkway Trade Center.

Loudoun County – Option One Mortgage Corp. leased 26,213 square feet in the TransDulles Centre at 22630 Davis Drive. Option One, a subsidiary of H & R Block, signed a 10-year transaction and expects to occupy the space in the 74,561-square-foot building in September.

Merrifield – Howrey Simon Arnold & White LLP, an international law firm, signed a new lease for 52,871 square feet at 2941 Fairview Park Drive. Beginning August 2004, Howrey Simon will occupy two and a half floors of the 15-story, Class A, 335,701-square-foot office building.

Reston – The Real Estate Research Institute (RERI) subleased 22,303 square feet, the entire 8th floor in Plaza America Tower II, located at 11710 Plaza America Drive. RERI will move from 950 Herndon Parkway in July 2004. The sublease expires in December 2011.

Reston – BSI, Inc. renewed and expanded its 19,618-square-foot lease in Executive Center II at 12110 Sunset Hills Road in Reston for 10 years. BSI, Inc. is an international standard, testing, registration and certification organization.

Rosslyn – Friedman, Billings, Ramsey Group (FBR), an investment banking company, signed an expansion and renewal totaling 111,131 square feet in Potomac Tower at 1001 N. 19th Street for 10 years. FBR expanded into 41,605 square feet on the top two floors, in addition to their current lease of 69,526 square feet.

Tysons Corner – Equity Office Properties has acquired American Center located at 8300 and 8330 Boone Boulevard for $60.5 million, approximately $184 per square foot, from Equitable Life Assurance Society of the United States. The two-building, eight-story office complex totals 324,668 square feet. The buildings are located near the intersections of Route 7 and 123.