LANDOVER, MD—Giant of Maryland LLC has leased 53,500-square feet at 8301 Professional Place to use as a regional office. Transwestern's Tenant Advisory Services team of Susan Kay and Mark Boyce represented the LLC, which is a subsidiary of Ahold USA, in the transaction.
"By executing an early lease renewal and leveraging market conditions, we were able to reduce Giant's lease liability in a building that fulfilled all of the tenant's long-term needs," Kayt says in a prepared statement.
The 137,000-square foot building is owned by Persimmon Capital Management and is located in the Metro East Business Campus. Giant is the largest tenant.
Average rental rates in the Suburban Maryland office market edged down 0.4% year-to-date, from $25.39 per square foot at year-end 2013 to $25.30 per square foot in September 2014, due in part to elevated vacancy, according to Transwestern's Q3 office outlook.
CBRE represented Persimmon in the transaction.
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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.
