LCOR, USAA JV to Develop New 362,000 SF, 14 Story LEED Silver Office Building in MD for GSA

October 26, 8:26 AMCommercial Real Estate ExaminerJay Rickey

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An LCOR-USAA joint venture will develop a 14-story, 362,000 square foot commercial real estate office building for the U.S. General Services Administration (GSA) under the terms of a 15-year lease for The U.S. Nuclear Regulatory Commission (NRC) announced Friday evening. The new building will be at North Bethesda Center, the mixed-use development at the White Flint Metrorail station in North Bethesda, MD.

 Groundbreaking is scheduled for March 2010, with completion expected by July 2012. Approximately 1,300 NRC employees will occupy the new building, which has been designed by HOK to meet LEED Silver certification.

CB Richard Ellis Government Services Group headed by Tim Hutchens, and Transwestern, with Phil McCarthy and Keith Foery, represented the joint venture in the lease transaction. Commercial real estate tenant rep firm Studley represented the GSA.

The project team for the new office building includes architect HOK and general contractor Turner Construction. The building will be owned by North Bethesda Center Office One LLC, the joint venture of LCOR and USAA Real Estate Co. The Washington, D.C. office of Eastdil Secured served as capital markets adviser to LCOR in the transaction.

This is one of many headlines in today's E-dition of citybiz real estate's Baltimore / Mid-Atlantic Commercial Real Estate Report for Monday, Oct. 26, which can be found by clicking here.


Follow citybiz real estate Publisher Jay Rickey on Twitter! Twitter.com/JayRickey