Turnover at the Top of Area Business Groups

"People like me with more than 30 years at a single company are fewer and farther between than we might once have been," said William Couper, president of Bank of America in the Washington region and chairman of the Greater Washington Initiative. "The same is true in these organizations."

Land Purchase

Washington Real Estate Investment Trust, a Rockville-based real estate company, paid $24 million for about five acres along the Dulles Toll Road in Herndon for office development. The land is part of a 63-acre project, called Dulles Station, that will include office, residential and housing space.

Washington Real Estate said it plans two office buildings for the land at Horsepen and Sunrise Valley roads. The first building will be 180,000 square feet. Construction is to start in January even though no tenant has signed up for the space, with completion expected in May 2007.

"We feel confident that the visibility of the site will help us in leasing it," said Sara Grootwassink, the company's chief financial officer. Timing for construction of the second building depends on how fast the first one leases, she said.

Closings

Corporate Office Properties Trust of Columbia said it signed a lease for a new 125,000-square-foot building at its National Business Park in Annapolis Junction.

LaSalle Hotel Properties of Bethesda said it paid $90.3 million to acquire the leasehold interest in the Hilton San Diego Resort, a 357-room property in San Diego.

CarrAmerica Realty Corp. of the District said it signed three leases, totaling almost 70,000 square feet, at International Square, located at 18th and I streets NW.

Dana Hedgpeth writes about commercial real estate and economic development. Her email is hedgpethd@washpost.com.