AT&T Leases 110K SF Building For Northern Virginia Consolidation
After the loss of its anchor tenant, years of vacancy and a potential lease blown up by the pandemic, an office building in the Northern Virginia suburb of Chantilly just landed a rare full-building lease.
AT&T signed a 111K SF lease at 4807 Stonecroft Blvd., owned by Menlo Equities and managed by Stream Realty Partners, the brokerage firm announced Wednesday.
The telecommunications giant is consolidating from multiple Virginia offices, including 3033 Chain Bridge Road in Oakton, Stream Realty co-Managing Director Jeff Roman told Bisnow. Its Oakton building is slated for a 1.5M SF redevelopment from EYA and Carlyle Group.
The 4807 Stonecroft building had been occupied by Northrop Grumman starting in 2008, but the defense contractor vacated a few years ago, said Roman, who leases the building along with Stream Executive Vice President Malcolm Schweiker.
After Northrop Grumman left, then-owner Franklin Street Properties Corp. worked with the Stream brokers to secure an agreement with another defense contractor, Roman said, declining to name that firm. Franklin Street renovated the building as part of the effort to bring in that tenant, but the company decided not to proceed with the deal due to pandemic-related shifts, Roman said.
Franklin Street sold the building, along with another Chantilly property, to Menlo Equities in November 2021 for $40M, the Washington Business Journal reported at the time.
Menlo kept the Stream brokerage team on, and Roman and Schweiker continued to hunt for tenants until ultimately landing AT&T. Roman said the Dallas-based telecom giant had been looking throughout the market for an office of at least 75K SF before zeroing in on 4807 Stonecroft.
"They landed there and ultimately decided, based on size, they wanted to be the lone tenant, so they took the whole building on," Roman said.
The property sits within Chantilly's Westfields International Center, which Roman described as an "amazing" location due to the proximity of government contractors and technology firms. It is just off Route 28, which leads north to Dulles International Airport and Loudoun County's Data Center Alley.
"They decided Westfields, where clients and employees are, this was a central, perfect location for them," Roman said.
Cushman & Wakefield Managing Director Anne Rosenau represented AT&T in the deal.
