Fannie Mae has signed an 83,000 square foot lease at Monument IV at Worldgate in Herndon, VA, the second of two big leases that have lifted occupancy at the 228,425 square foot office building to 83 percent.
Fannie Mae’s three year lease commences this month and contains one two-year lease renewal option.
This lease agreement follows the December deal that saw Amazon Corporate LLC take 108,000 square feet at the building, a story I first reported for citybiz real estate a couple days after the deal was signed. Amazon’s lease is for a term of 11 years with two, five-year extension options.
The building, which is located at 12900 Worldgate Drive, was listed at 0 percent occupancy prior to these deals.
Jones Lang LaSalle Income Property Trust, Inc. has listed refinancing the mortgage loan at the nine-story building in advance of its September 2013 maturity date as one of its key initiatives for 2013.
Fannie Mae previously occupied the entire building. In September 2011, the corporation signed a six month lease extension at the building but reduced its occupancy in the asset by 50 percent. A $35.5 million loan on the property was subsequently transferred to a special servicer, but the loan was then granted a two year extension through September 2013, presumably to give its owners time to find new tenants.
About a year ago, bizjournals.com reported that Fannie Mae would completely depart the Monument IV building. The website also reported that LaSalle Property Fund had hired Cassidy Turley to lease the asset.