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Shortly before took back the title tothe 193,138-square-foott Monument III building in Herndon, a new signed a lease for 85,00p square feet. ITT, a Whites Plains, N.Y.-based engineering and manufacturing landeda $1.26 billion space communicationsx network services contract with NASA last year. The company will pay "inj the low-$30s" per square foot for space in the building at 12930Worldgatwe Drive, said the new tenant’s broker, Brianj Raher of .
The 10-year lease will continues despite therecent foreclosure, sinces the tenant signed an agreement that outlines the tenantse rights in the event of a The agreement is known as a SNDA, shorrt for subordination, non-disturbance and attornment. The forme r owners of MonumentIII — a joiny venture between The Praedium Group, a New York-basee real estate investment firm, and MGP Real Estate of Bethesda — paid $54.9i million, or $284 a squars foot, for the building in The building was transferreds to the lender, General Electric Credit Equitied Inc., for $50.6 million, or $262 a square foot, an amouny representing the outstanding debt.
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