The Arlington County Board on Saturday is set to consider a lease renewal for county government headquarters at 2100 Clarendon Blvd in Courthouse.
Under the proposed agreement with property owner Vornado, according to a staff report, rent on the 235,000 square foot facility would actually go down, at least initially, though it would then rise 2.5 percent per year through the end of the lease in October 2033.
Starting in 2033, the county would have the option of renewing in five-year increments through 2062. Arlington, however, is also considering building its own headquarters nearby, to open before the end of the 15-year lease term.
More from the staff report:
The rent under the proposed lease Amendment will be substantially below the rent under the existing terms of the Lease. The current total rent under the existing Lease is approximately $11.2 million per year ($47.71 per square foot). In October, 2018 (immediately before the Amendment’s rent schedule takes effect), staff estimates that the total rent under the Lease will be approximately $11,500,000 per year ($48.95 per square foot) (charges for common-area maintenance and taxes must be estimated because they vary). Significantly, once the new rent takes effect in November, 2018, the total rent under the Amendment will start, and be reduced to, $9,867,354 per year ($42 per square foot), a savings of over $1.6 million per year.
The 15-year term of the Amendment is sufficient to give the County time to plan for and build a new administrative building at Courthouse Plaza if the County decides to do so. Based on the length of the term extension, staff believes it is now necessary to refurbish the County’s leased premises. The refurbishment would be paid for, in part, by the tenant improvement allowance provided by Landlord, the free rent, and the commission rebate (total = approximately $35.9 million). The scope and cost of any refurbishment will be determined by the County after a space utilization study.
In addition to a multi-million dollar office refurbishment, paid for by landlord and leasing agent concessions, under the lease renewal Arlington would gain the right to add a daycare facility to the building and to place an emergency generator on top of 2300 Clarendon Blvd, to serve the county’s Emergency Communications Center there.
County Manager Mark Schwartz is recommending the Board approve the lease renewal, given what the staff report describes as “fair and reasonable terms” offered by Vornado.
As Arlington County continues collecting feedback on the preliminary concept plan to turn Langston Blvd into a “Green Main Street” over several decades, a few disagreements have emerged. Some say…
RSVP to learn about the Forestry and Natural Resources Plan during the virtual open house tomorrow at 7 p.m.
Within the first five minutes of Netflix’s new series Partner Track, Arlington native and Yorktown High School graduate Alexandra Turshen already has her “boss” moment by telling the new paralegal…
The Arlington Art Truck is back this fall starting October 1 with an exhibit focused on Arlington’s birds.
Now you can have fun with your family and friends when deciding where to eat!
Just hop aboard The Lunch Train and set the destination for: breakfast, brunch, lunch, dinner, or nightlife!
– No app necessary. Simply go to the website if you’d like!
– No account necessary
– Use your current location or a desired location
– Add restaurants you’re interested in, invite your friends, and play the game!
Lyon Park & Ashton Heights’ biennial home & garden biennial tour is back. The tour will include contemporary custom homes, older historic bungalows as well as renovated properties. One of the stunning homes on the tour is pictured above. In addition to beautiful & unique homes, the Villa & Vistas ’22 event will conclude with a festive reception at the Lyon Park Community Center at 414 N Fillmore Street, Arlington VA 22201. What could be better right?
All proceeds from this event will go to the Lyon Park Citizens Association (LPCA) towards our neighborhood jewel & hub, the Lyon Park Community Center (LPCC).
When: Sunday, October 2nd, Noon – 4 PM.
Where: Meet to get your tickets and the tour map at the Lyon Park Community Center (414 N Fillmore Street) We will have a table with information outside.
Are you ready to jump into homeownership or started considering it but don’t know where to start? Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved. Join ACFCU for our Homebuying