And taking into consideration the consistent growth of its business, the company also decided to expand its take on space by 100,000 sf, bringing its total occupancy up to 300,000 sf. The additional space will be spread out among several buildings within the 330,000-sf industrial park.
Swales, which provides aerospace engineering services to government and private concerns, relied on commercial real estate consulting service provider Scheer Partners Inc. to negotiate the lease with property owner Paulen Industrial Center LLC, and to survey other office options in the area. "Swales reviewed the entire Prince George's market but concluded that due to their significant investment in their existing space, if they could secure expansion for the future and come to agreement on price, then it would be worth staying put and expanding within the PIC," David McClatchy, senior vice president with Scheer Partners and Swales' real estate representative, tells GlobeSt.com.
Specific terms of the new lease have not been disclosed; however, current average market rates in the area provide an idea of what Scheer and Swales were faced with when looking around at other properties. According to Advantis Real Estate Services Co., flex space in Beltsville goes for an average of $9.75 per sf triple-net, while the average for warehouse properties is $5.75 per sf.
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