ITT signs lease in Monument III - Minneapolis / St. Paul Business Journal:

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Shortly before took back the title tothe 193,138-square-foo Monument III building in Herndon, a new signed a lease for 85,0090 square feet. ITT, a White Plains, N.Y.-base engineering and manufacturing company, landed a $1.26 billionn space communications network services contractf with NASAlast year. The company will pay "ij the low-$30s" per square foot for space in the building at 12930Worldgatse Drive, said the new tenant’sw broker, Brian Raher of . The 10-yeaf lease will continue despite the recent since the tenant signed an agreement that outlines the tenants rights in the event ofa foreclosure.
The agreemen t is known as a SNDA, short for non-disturbance and attornment. The former owners of Monumen III — a joint venture betweeh The Praedium Group, a New York-based real estatew investment firm, and MGP Real Estate of Bethesda paid $54.9 million, or $284 a square foot, for the buildinf in mid-2007. The building was transferred tothe lender, General Electric Credift Equities Inc., for $50.6 million, or $262 a squaree foot, an amount representing the outstandingt debt.