FBR Capital Markets & Co. has entered into a lease agreement with Tishman Speyer for approximately 54,540 rentable square feet of space at the Arlington Tower, which is located at 1300 N. 17th Street in Arlington, VA.
FBR will occupy 12,026 rentable square feet on the building’s second floor and 21,257 rentable square feet on the building’s 13th and 14th floors. The firm also has a right of first offer to lease additional space on the second floor should it become available.
The tenant’s broker was DTZ, according to the lease.
The 11-year and 3-month lease term commences on October 1, 2014, assuming the necessary build-out construction is completed by then, and expires on December 31, 2025. The Lessee has an option to extend the lease term once, for a five-year period, subject to certain limitations and restrictions.
FBR’s lease requires it to pay $41.00 per square foot for its space on the second floor in year one, which increases annually before reaching $53.80 per square foot in lease year 12. FBR & Co., a publicly traded company on the NASDAQ Exchange trading under the symbol FBRC, will pay $51.50 in fixed rent annually per square foot on the 13th and 14th floors in year one of the lease. That rental rate reaches $67.57 per square foot in lease year 12.
FBR is also obligated to fund specified construction and related activities.
Arlington Tower, a 19-story Class A office building with 391,973 rentable square feet, is situated immediately across the Potomac River from Washington, DC in Rosslyn. It is two blocks from the Rosslyn Metro Station (Orange/Blue lines) and offers access to Interstate 66, the George Washington Memorial Parkway, and all major bridges into Washington, DC.
A renovation at the building was scheduled to add a tenants-only fitness center and make improvements to the on-site café, the outdoor plaza, the dry cleaner, and the convenience shop.