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Board cuts assessment for 1700 North Moore after debate over rent‑roll treatment
Summary
Appellant argued the county overstated in‑place office and retail rents at 1700 North Moore by relying on a simple average and imputing income from vacated/defaulted suites and a nonpaying 30,000‑sf food court; the board voted to reduce the assessment to $66,471,500.
The Board of Equalization considered an appeal for 1700 North Moore, a 428,000‑square‑foot Rosslyn office building. Appellant representative Mr. Harmon told the board vacancy averaged about 30% over four years and that the county’s use of a simple average for in‑place office leases inflated the reported per‑square‑foot rate.
“Office leases in place are at an average rate of $46.10 a foot. This compares with the assessment's in‑place office rate of $50 a foot,” Mr. Harmon said while walking through the rent roll and pointing to the county’s treatment of vacated or defaulted suites. He criticized the county for imputing full income on some suites that had defaulted and for counting a 30,000‑square‑foot food court that had paid no rent in 2023–25 as earning market rent.
County analyst Mr. Peralta acknowledged complications in the rent roll and defended the department’s methodology, citing reconstructed vacant square footage income, concessions, and the department’s weighted‑average calculations. Board members debated data completeness and averaging methods, expressed concern about missing or unclear rent‑roll entries, and ultimately voted to reduce the assessment to $66,471,500 by adopting the appellant’s NOI combined with the county’s cap rate and below‑the‑line adjustments.
