GREENBELT, MD-Washington Property Co. has secured a 18,575-square feet lease at one of the two buildings that comprise its Patriot Business Park East complex, located at 7852 Walker Rd. There is a little bit of space left on the fourth floor but otherwise this building and its sister property are now fully leased, WPC SVP Marc Witowski tells GlobeSt.com.
Witowski and Ken Fellows of Edge Commercial represented WPC in the transaction, while Peter Rosan and Chris Wright of Cushman & Wakefield represented the tenant, Lancaster Bible College.
The college is taking space formerly occupied by the University of Phoenix. It had 11 fully equipped classrooms, student study areas, offices, a lounge, and a library area. "It was clear it was a perfect fit for Lancaster Bible College," Witowski says. Asking rates are $24.50 per square foot. The complex was developed by WPC in 2004. It comprises twin four-story, 84,000-square foot Class A buildings.
This transaction is WPC's first major lease this year. The company has an 1.8 million-square foot office portfolio. In the last two quarters of 2012, it leased over 130,000 square feet, including the 88,230-square foot Social & Scientific Systems lease renewal at Silver Spring Plaza. Witowski says the company's area portfolio is roughly 85% leased.
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