The Corporate Executive Board Co. Signs $56M Lease in Arlington, VA
The Corporate Executive Board Company has entered into a lease agreement with Geneva Associates LP for 108,800 square feet in Arlington, VA.
Total lease payments over the non-cancelable, 10 year, 7 month term ending on December 31, 2023, including escalations, will be $56 million. This is an increase in the company's aggregate rent expenses of $3 million for the year ended December 31, 2013 and $5 million for each year thereafter.
According to the lease agreement, the lease is for the fourth, fifth, sixth, seventh and eighth floors at Rosslyn Plaza North, Vornado/Charles E. Smith L.P.'s 14-story, 374,000 square foot office building at 1777 North Kent Street. The building is two blocks from the Metro and provides access to the Key Bridge, I-66, Route 110, Route 50, and Wilson Boulevard. It is across the street from the new Artisphere and within walking distance of Georgetown.
The lease lists the broker as Cushman and Wakefield of Virginia, Inc.
This space is adjacent to Corporate Executive Board's headquarters building, which the company lists as 1919 North Lynn St in Arlington, VA.
The lease agreement contains a one-time expansion right during 2013 for an additional contiguous floor of 21,760 square feet at the same terms and conditions and a renewal option to extend the lease for an additional four or five year period.
A copy of the lease agreement can be found by clicking here.