GERMANTOWN, MD—JDSU is taking 45,452-square feet in a Matan Cos. building here in a seven-year term. The company is occupying the top two floors of 20250 Century Blvd. at their 270 Corporate Center complex.
DRT/Boeing vacated the 106,000 square foot building in early 2013 and the new tenant, JDSU, will be moving in this May after renovations to their space and the common areas of the building are complete.
Matan has owned the four-building, 450,000 square foot project since 2000. In addition to the renovation, Matan is planning an additional $5 million in capital improvements to the complex over the next two years, having recently restructured the financing. The new occupancy, renovations and stabilized finances make Corporate Center 270 "a very attractive option for tenants in the I-270 corridor, JP Matan, director of Leasing, says in a prepared statement.
JLL's Peter Briskman, Mia Eglinton, and Amanda Davis represented JDSU in this transaction.
In January, Matan Cos. acquired a four-office portfolio nearby from Bentall Kennedy, paying approximately $129 million for the 625,000-square foot holding.
Its attraction to Germantown points to, as Matan executives have told GlobeSt.com in the past, a contrarian interest in this suburban office market.
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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.
