The following is an extract from Boston Properties Earnings Call to market analysts on August 2, 2011. Doug Linde, President of Boston Properties, is the person speaking. A special hat tip to Seeking Alpha, a major finance, market, and economics blog, for its publishing of this transcript.
D.C. had a sort of a light quarter with respect to signed leases, but we did complete another floor at 2200 Pennsylvania Avenue, and we're negotiating leases in Northern Virginia involving almost 300,000 square feet of space. And we're in discussions actually with a tenant for a 250,000 square-foot of bill pursuit in Reston.
Now this activity is not coming from Homeland Security or Defense, it's coming from telecommunications companies, digital marketing companies and the construction and engineering industries, which are flourishing in the D.C. region, and they're really not associated with the budgetary issues of the U.S. government.
The gap in achievable rents and concession levels and activity in Reston Town Center is widening more and more against the other total markets, and we're probably over $10 a square foot in pure rental rate between Reston Town Center and those buildings just outside the core. . . .
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