Hubberman and Corporate Managing Director Christopher O'Brien negotiated the lease on behalf of Vangent. Trib Sutton and Marc Alloca of CB Richard Ellis represented the landlord First Potomac. The terms of the lease were not revealed.
Located at 500 & 600 HP Way here, Rivers Bend Center is a two-building flex property situated on close to 17 acres. Vangent uses it as a customer-service and technical-support call center. Hubberman says that, in general, landlords are becoming more accommodating in their negotiations as the economy presses up against real estate fundamentals. In Chester there were other alternatives that Vangent could have explored, he says. Despite that, First Potomac has done a good job of maintaining a steady occupancy rate in its portfolio. First Potomac reports that it inked or renewed more than three million square feet of leases last year--with at least 210,000 square feet of new leases signed in Q4 and 426,000 square feet renewed during the same period. Asking rates for the Chester submarket range from $8 per square foot, triple net to $16 per square foot, triple net.
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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.
