Sunday, September 26, 2010

VeriSign Agrees to 15-Year Lease for Former Sallie Mae HQ in Reston, VA

Citybizlist Washington DC - September 24, 2010

VeriSign, Inc. has signed its long-rumored lease with landlord 12061 Bluemont Owner, LLC to lease 221,326 square feet and related parking facilities and other amenities located at 12061 Bluemont Way in Reston, the current Sallie Mae headquarters. During the fifteen year term of the Lease, the Company is to make aggregate payments of fixed rent in the approximate amount of $105,834,000.

The deal was signed on September 15.

The Company has the right to occupy the Premises from and after the commencement date of the Lease, which is expected to occur no earlier than February 1, 2011. The Commencement Date shall occur after the expiration of the current tenant's lease for the Premises and such current existing tenant's vacancy of the Premises, which shall occur no later than August 31, 2011.

In the event the Commencement Date does not occur by November 30, 2011, VeriSign has the right to terminate the Lease.

The initial term of the Lease is for a period of fifteen years and five months following the Commencement Date. The Company has the right to renew the term of the Lease for up to two consecutive five-year periods. In the event the Landlord desires to sell the Premises during the term of the Lease, the Landlord must first offer the Premises to VeriSign, subject to certain exceptions, including the sale of the Premises to affiliates of the Landlord or in connection with the sale of a portfolio of properties of which the Premises is a part.

Payments of fixed rent are to be made monthly pursuant to a schedule set forth in the Lease, which monthly payments shall begin on the 151st day following the Commencement Date. Fixed rent for any renewal term would be the then fair market rental rate for the Premises. In addition to fixed rent, the Tenant is required to pay all real estate and similar taxes imposed on the Premises.

Under the Lease, the Company is generally responsible, at its cost, for the operation, management, repair and, if necessary, replacement of the Premises during the term of the Lease, provided that the Landlord pays some of the costs incurred in connection with capital improvements. Sphere: Related Content

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