Niel J. Beggy and Daniel M. McGivney of Cushman & Wakefield represented New Boston Fund in the transaction. Current tenants include the Prince George's County Board of Education.
The building is located within the Inglewood Business Park, a 538,554-square-foot complex with two office and five flex buildings that New Boston acquired at the beginning of last year. Other tenants in the park include Inphonic Linemark Printing and Rx Solutions. Overall, the park has a 70% occupancy rate.
The property--1801 McCormick Dr., specifically--is now 60% occupied with this latest lease, Beggy tells GlobeSt.com. The asking rate for the building is $22.95 per square foot, full service. Largo, like most outer DC area submarkets, has been feeling the pinch from the economy, Beggy explains, as "portions of the building have been vacant for more than two years."
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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.
