COLUMBIA, MD-With sequestration looming over the DC area, it is easy to fall into gloom about the area’s short-term prospects. However, two separate newly-inked leases illustrate that business is still getting done—even with government-related tenants.
Corporate Office Properties Trust has executed a lease with a strategic tenant for 58,000 square feet in The National Business Park in Anne Arundel County. The tenant leased the final two floors in the building, which it plans to occupy in the third quarter of 2013. As of September 30, 2012, the building was 48% leased; this transaction takes it to 100% occupancy.
In a separate transaction, Adams Communication & Engineering Technology inked signed a lease with St. John Properties, for 26,500 square feet of space at 6190 Guardian Gateway, a new three-story, 75,000 square foot office building under construction within The Government and Technology Enterprise (The GATE) project. The GATE is a 416-acre business community located inside Aberdeen Proving Ground in Harford County. ACET intends to take occupancy of the space when the building delivers next month. To date, St. John Properties has completed nine office and research and development buildings at GATE—this latest building will make ten.
ACET is moving to The Gate to be closer to its clients, many of which are located in the enclave. “We continue to experience strong interest from government contractors and other agencies that want to join the APG community and co-locate with their federal customers. Only The GATE location provides this connection to the APG community,” said Matt Holbrook, regional partner for St. John Properties, in a prepared statement.