Located off Rte 170, the property on Crossroads fit the bill perfectly for La-Z-Boy, which had tapped real estate services firm NAI KLNB Inc. about nine months ago to comb the state for relocation sites. "The combination of economics, location and availability of space was the determining factor," NAI KLNB's Jim Caronna notes in a written statement on the transaction. "Because this requirement services stores and customers from Annapolis to Frederick and from Baltimore to Northern Virginia, it was critical to find a strategically-positioned hub."
While the terms of the lease agreement with building owner Opus Properties are not being disclosed, Caronna tells GlobeSt.com that similar space in the area--in fact, similar space on the very same street--leases for anywhere from $3.50 to $4.95 per-sf. He adds that the prevalence of space available for sublease accounts for the drastic range in rent prices. CB Richard Ellis represented Opus in the transaction.
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