BELTSVILLE, MD-ASRC Federal Holding Co. is taking slightly more than 50,000 square feet in a build-to-suit at Konterra Business Campus. It is moving from Greenbelt, where it occupies about 80,000 square feet, says CBRE's Mike Gillman, who along with colleague Brad Wilner represented ASRC Federal in the deal.
"Rightsizing and workplace programming made them more efficient in their space needs," Gillman tells GlobeSt.com. He declined to discuss the finances of the transaction.
Back-of-the-envelop calculations, though, suggest the tenant comes out even if the new rent is higher—after all, it will be occupying almost one-third less space. Part of the efficiency it is realizing is due to using two floor plates versus six, Gillman says.
The new two-story building is located on Muirkirk Rd. in Beltsville, MD, part of the 135-acre Konterra Business campus. The lease is scheduled to being in February 2014 but the tenant will be moving in in stages starting this December. ASRC Federal is currently located at 6303 Ivy Lane.
© 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.
