It is a great deal for the county, says Curtis Paul, managing director of Newmark Knight Frank, who worked on the transaction along with Gary Glatter. Glatter is now with Cushman & Wakefield.
Situated on 52 acres, the building is at 100 Edison Park Drive, owned by a local LC. Montgomery County will be using the space to consolidate the police and fire headquarters, saving several millions in lease expenses, Paul tells GlobeSt.com. In 2014 the transaction converts to a building sale for approximately $80 million.
Now the tenant, GXS, represented by Studley, is seeking 100,000 square feet of space, he adds.
This was the biggest deal in the county so far, Amanda Tran, director of Research for McShea & Co., tells GlobeSt.com. "The federal and local governments are driving the suburban Maryland market right now – they've signed half of the top ten deals here this year."
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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.
