Terreno Closes 10-Year Lease Renewal in DC
- Oct 13, 2016
By Bogdan Odagescu, Associate Editor
Washington—Terreno Realty Corp. recently announced a 10-year lease renewal in Washington. The leased property is part of Terreno’s six-building, 820,000-square foot warehouse/distribution center portfolio located at 3015-3535 V St., NE.
The San Francisco-based firm bought the V Street portfolio in January 2015 from Stanley Martin Industries, shelling out $115.5 million. The buildings have been constructed between 1955 and 1963.
Terreno did not reveal who signed the contract, stating only that it was inked by a “U.S. Government tenant,” and that it expires Feb. 12, 2026. Out of the portfolio’s tenant roster, one name stands out—the USPS Government Mails Annex located at 3300 V St., which is a 100,200-square-foot building, according to Property Shark.
At the beginning of 2015, when the six properties last changed hands, 37 percent of the 820,000 square feet were occupied by federal agencies and 20 percent by the D.C. government. DHL was the largest non-governmental tenant, occupying 9 percent of the total square footage. The current roster includes Marathon, Southern Wine & Spirits, Maurice Electric Supplies, Autopart International, Food Services Branch and J L Honigberg Associates.
As of September 2016, Terreno’s Baltimore/D.C. portfolio totals 14 properties spanning roughly 2.7 million square feet, with a combined acquisition cost of $284.5 million. The corporation’s nationwide 11.4 million-square-foot portfolio is worth in excess of $1.1 billion.
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