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Shortly before took back the title tothe 193,138-square-foo t Monument III building in a new tenant, signed a lease for 85,00 square feet. ITT, a White N.Y.-based engineering and manufacturin company, landed a $1.26 billion space communications network services contracty with NASAlast year. The company will pay "i the low-$30s" per squarw foot for space in the building at 12930Worldgate Drive, said the new tenant’s Brian Raher of . The 10-year lease will continur despite therecent foreclosure, since the tenant signef an agreement that outlines the tenantse rights in the event of a foreclosure.
The agreementg is known as a shortfor subordination, non-disturbance and attornment. The formet owners of Monument III a joint venture between ThePraedium Group, a New York-basefd real estate investment firm, and MGP Real Estate of Bethesda — paid $54.9 million, or $284 a square for the building in mid-2007. The building was transferred to the General Electric CreditEquities Inc., for $50.
6 million, or $262 a squared foot, an amount representing the outstanding
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