Bruce McNair, Bill Morris, Will Travis and Josh Hartman of Grubb & Ellis Co. represented the tenant. The lease, which was expanded by some 3,000-sf brings the 164,891-sf, class A office building to full occupancy, McNair tells GlobeSt.com.
In this submarket, he says, a fully occupied building is a bit unusual. "There has been a slowdown in tenant demand in the 270 corridor. At that same time there is new construction all the way from Rock Spring North to Gaithersburg." Asking rates in the Shady Grove Rd. submarket range between $26 per sf to $37 per sf. "This transaction allows Avendra to maximize their operational efficiency and accommodate future growth," he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
