The Telos Deal
I am in a rush to get out the door, but need to put up a post about this since the Wheatland comment thread below keeps getting sidetracked on the proposed lease deal that LCPS is working on for the building currently leased by Telos, led by John Wood. The same John Wood who employs Robert DuPree, School Board king of the LCPS land deals, sits on the SB-BOS Joint Committee on schools, heads a new education PAC, and is making huge political waves in the county.
Loudoun Conservative just made an excellent comment below that I am attaching to this post:
The Telos deal is 15 years into the lease. They have a 20 year lease that expires in 2016. They are trying to sell their lease off to the School Board! If the lease is above market, then why is the school board even negotiating with them when there is 15 percent vacancy in the county. There should be alot of office buildings they can look at to put the Monroe Technology Center into. This is a stinky deal of one shrewd businessman with the knowledge of the real estate market taking advantage of ignorant public figures. The fact that they are ignorant is exactly why they shouldn’t be holding these offices. That’s our money, our tax money, and they have a responsibility to manage it wisely and prudently. THEY AREN’T! Somehow the sale of the building is also tied into this stinky deal. Perhaps the owner who is out of New York City cannot refinance right now so they are trying to sell to someone who can. This doesn’t excuse anyone from trying to PAWN off the building at a higher than market rate. Of course, we don’t know all of the details yet, but intelligence says that this pawning at a higher than market rate is exactly what they are attempting to do. By the way, the owner will not let them out of a lease unless a replacement tenant is found at an equal or higher market rate than they are currently getting. This is likely the reason the School Board is the ONLY one who would ever consider such a BAD deal.
UPDATE: The Telos building lease deal is discussed in a Leesburg Today story on the Educate Loudoun PAC.