Newmark Grubb Knight Frank (NGKF) announced today that it completed one of the largest industrial lease transactions in the Greater DC Metropolitan area this year, totaling 143,440 square feet in Plaza 500 in Alexandria, Virginia on behalf of Paxton Van Lines, Inc. (Paxton). Executive Managing Director Larry FitzGerald represented Paxton in its original 107,313-square-foot lease transaction three years ago in Plaza 500, which has now been renewed and expanded by 36,127 square feet. Earlier this year FitzGerald represented Paxton, headquartered in Springfield, Virginia, in the sale of 32 acres of M1 land in Manassas for $3.6 million that is slated to become the home of a large data center. Both transactions represent the moving and transportation company’s initiative to align its real estate portfolio with its growing business.
“Paxton, a premier moving and storage company, came to us with the need for additional space to support their growing business. I am pleased we were able to help them secure the additional square footage required to continue servicing their clients,” said FitzGerald.
“First Potomac is pleased to have Paxton Van Lines extend and expand their lease at Plaza 500, now becoming the largest tenant at the property. Paxton Van Lines has been a great tenant for First Potomac and we value our long-term relationship with them,” said Edward V. Zaptin, VP of First Potomac Realty Trust of Northern Virginia.
Plaza 500 is a two-story, 500,800-square-foot industrial property owned by First Potomac Realty. It is located at 6295 Edsall Road in Alexandria, VA and provides easy access to I-95, I-395, I-495, metrorail and metrobus services. It is surrounded by a multitude of restaurants and amenities. Plaza 500 offers a range of options and solutions for tenants looking for space such as offices, classrooms and warehouse space in the Alexandria market.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.