Saul Centers Terminates All Lease Agreements at Van Ness Square

Van Ness SquareBethesda-based Saul Centers Inc. has completed lease termination negotiations with the tenants of Van Ness Square and expects the building will be vacant on or about April 30, 2013.

Located at 4455 Connecticut Ave., NW in Washington, DC, Van Ness Square offers 156,000 square feet of office and retail space in a park-like suburban setting. It is less than two blocks north of the Van Ness metro rail station and provides views overlooking Rock Creek Park.

The 1.2 acre site is near hotels, retail and restaurants and has underground parking for more than 150 cars.

In Spring 2012, Saul Centers substituted the White Oak shopping center in Silver Spring for Van Ness Square as collateral for one of its mortgage loans, a move that allowed the company to consider repositioning the asset.

The collateral substitution also allowed Saul Centers to secure a $10.5 million loan on the asset at a 4.9 percent interest rate that matures in July 2024.