BAE will be occupying 520 Gaither Rd., a 139,000-square-foot building that delivered earlier this year. The company is relocating from space that has become functionally obsolete, a 260,000-square-foot building at 4115 Aspen Hill Rd. in Silver Spring, MD. CresaPartners' Gene Sachs, Paul Ehrenreich, Lauren Hodgin and Andrew Corno represented BAE. CB Richard Ellis' Larry Thau, David Machlin and Jim Cahill represented Perseus Realty.
The move is a consolidation for the BAE division, Sachs tells GlobeSt.com. It has been in the Silver Spring facility since 1968 and the space had become too inefficient for it to use anymore, he says. BAE Systems is keeping the same number of employees as it downsizes its space by almost half. In general, the company has been consolidating the space it occupies in the DC area, Sachs adds.
The deal is a major plus for Perseus Realty. Health and Human Services has been occupying one of the buildings for several years, Woody Bolton, president of the company, notes. With the second building now taken, Perseus is free to focus on leasing the remaining 208,000 square feet, he tells GlobeSt.com. There are several competing products in the area, but Redland is close to retail amenities and near where a significant portion of the county's workforce lives, he says. Asking rates are in the mid 30s per square foot.
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