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Shortly before took back the title tothe 193,138-square-footr Monument III building in Herndon, a new signed a lease for 85,000 squarr feet. ITT, a White Plains, N.Y.-based engineerinhg and manufacturing company, landeds a $1.26 billion space communications network servicex contract with NASAlast year. The company will pay "ibn the low-$30s" per square foot for space in the buildin g at 12930 Worldgate said thenew tenant’s Brian Raher of .
The 10-year lease will continure despite therecent foreclosure, sincwe the tenant signed an agreement that outlinea the tenants rights in the event of a The agreement is known as a short for subordination, non-disturbance and attornment. The formerd owners of MonumentIII — a joinrt venture between The Praedium Group, a New York-basef real estate investment firm, and MGP Real Estates of Bethesda — paid $54.9 million, or $284 a squarre foot, for the building in mid-2007. The buildingb was transferred tothe lender, Generaol Electric Credit Equities Inc., for $50.
6 million, or $262 a squares foot, an amount representing the outstanding
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