MENU

Silver Spring Metro Center


Silver Spring, MD

PROJECT DETAILS

This three building, 1.1 million SF transit-oriented complex is home to the headquarters of the National Oceanic and Atmospheric Administration (NOAA), one of the region’s largest public sector tenants since 1990. The original 20-year leases at SSMC expired between 2010 and 2013.  In order to initiate renewal discussions for the NOAA leases, Foulger-Pratt contacted the General Services Administration (GSA) which administers all Federal Government leases in early 2008.  Shortly thereafter Jones Lang LaSalle was engaged to represent Foulger-Pratt and develop a strategy to maximize value. Extensive negotiations took place between 2008 and 2011, during which time short-term renewals for each lease were executed extending  terms through December 31, 2013. After pro-longed negotiations and an arduous GSA approval process, Foulger-Pratt ultimately executed favorable 15-year leases for each building commencing January 1, 2014. The new long-term GSA leases, at significantly higher rental rates, dramatically increased the value of the project.