The lease will secure the new headquarters for a division of the Department of Defense
WASHINGTON, DC – January 10, 2024 – PRP announced today that it has signed a 45,8543 SF 15-year lease with the US General Services Administration on behalf of the US Department of Defense. The lease brings 4825 Mark Center Drive to 60% leased to collection of public-sector and private tenants.
4825 Mark Center Drive comprises 220,000 SF across eight floors, and features 40’ x 25’ column spacing, 10’ finished ceiling heights and expansive 27,000 SF floorplates. The property features several unique amenities, such as abundant dark fiber, abundant available power up to 30 MVA, while private sector tenants can benefit from its location within a Qualified Opportunity Zone. PRP expects to complete the lease-up of the building in 2024.
4825 is located within the Mark Center submarket, an amenity-rich location that is situated along I-395 in Alexandria and 10 minutes from Amazon’s HQ2. The location offers approximately 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. The building is across the street from the Mark Center Transit Center, providing regional and local bus service as well free shuttle service to two nearby Metrorail stations.
“We are pleased to land this 15-year lease in a time of very limited new leasing activity in Northern Virginia,” stated Paul Dougherty, President of PRP. “We acquired 4825 Mark Center Drive 100% vacant and have now signed six leases at the property. We are in active negotiations with medical office and retail tenants whose presence will help transform and reinvigorate this submarket of Alexandria.” Upon the completion of the renovations and leasing of the building, PRP will target LEED status and an Energy-Star rating.
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.
4825 Mark Center Drive
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400