Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • Apple, China & the iPhone’s Biggest Question
    Apple reports record profits, but as Motley Fool Funds analyst Tim Hanson points out, there is still one important question looming over the iPhone business.  Tim analyzes the recent elections in Greece and the investing landscape in China.  Plus he shares a key travel tip for anyone seeking good local cuisine.
  • Microsoft & Caterpillar Destroy The Dow
    Microsoft’s and Caterpillar’s lackluster earnings are enough to single-handedly take down the Dow Jones Industrial Average.  Plus we dip into the Fool Mailbag to discuss shorting stocks.
  • It’s Hard Out There For A Toymaker
    Mattel’s CEO resigns as the toymaker’s struggles continue.  Housing stocks get a boost as DR Horton’s 4th-quarter profits come in higher than expected.  Plus we dip into the Fool Mailbag and offer a sneak preview of Apple’s earnings on Tuesday.
Capital Business
Posted at 06:58 PM ET, 06/27/2012

Vornado battling back from BRAC

Relocations prompted by the Defense Base Closure and Realignment (BRAC) process have eaten away at occupancy for Vornado/Charles E. Smith, one of the largest owners of office space in Northern Virginia, but the company recently inked a pair of deals to fill some of its available space.

Mitchell N. Schear, Vornado/Charles E. Smith president, said Wednesday that Anser Analytic Services had signed a lease for nearly 88,000 square feet at the Skyline office complex, along Leesburg Pike in Bailey’s Crossroads.

Anser, a research group serving the Air Force, plans to occupy about one-fifth of the 403,000-square-foot building Skyline 7, at 5275 Leesburg Pike, which was left completely empty last year after the Defense Information Systems Agency vacated for Fort Meade. The vacant space raised concern with a special servicer on the loan for the property, CW Capital.

In another deal to shore up Crystal City—another area jilted by BRAC — Schear said that defense contractor DRS Technologies would relocate its corporate headquarters from New Jersey to 93,000 square feet at 2345 Crystal Drive (where Vornado’s Washington offices are also located).

DRS is part of Finmeccanica, an Italian defense and aerospace conglomerate. DRS already occupies 35,000 square feet in the building and decided to consolidate its headquarters there after Virginia Gov. Bob McDonnell (R) approved a $1 million grant from the Governor’s Opportunity Fund.

“Our entire leadership team will benefit by being closer to our customers, as well as enjoying all that this great state and region has to offer,” said William J. Lynn, III, DRS chief executive, in an April statement McDonnell issued saying DRS would move its headquarters to Arlington County.

The leasing market in Washington took a turn for the worst in the first quarter of this year, with Washington office users occupying nearly 1.5 million square feet less than they did at the start of the quarter, the biggest drop of any of the country’s 45 top office markets.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  06:58 PM ET, 06/27/2012

Tags:  Vornado Realty Trust, Vornado/Charles E. Smith, Crystal City, BRAC

Read what others are saying

    © 2011 The Washington Post Company