COLUMBIA, MD-Universities Space Research Association, part government contractor and part association, closed on a building in this submarket last month, paying approximately $12.5 million for it, according to a market source.
The building, located at 7178 Columbia Gateway Dr., is 90,000-square feet and about 60% occupied by the Howard County government. The association will occupy the remaining space and eventually occupy the entire building, Cresa Washington DC principal Dan Shapiro tells GlobeSt.com. Shapiro, along with colleagues Megan Hixon and Rich Rhodes, represented the association in the transaction. The seller was South Norwalk, Conn.-based Greenfield Partners.
Cresa Washington DC's Project Management Services, led by Kathy Thomas and Christie Minch, is managing the redesign and construction of the association's new space, which will serve at its national headquarters.
The association plans to move its corporate office from 10211 Wincopin Circle, also in Columbia, to 7178 Columbia Gateway Dr. in November, doubling the amount of space that it occupies. The lease with Howard County is set to expire next month.
Shapiro notes that the association looked at more than 60 options before settling on this building, in large part because it is close to its existing address.
"Columbia Gateway is one of the tighter submarkets in Howard County," Hixon says. "It is also home to many government contractors. Universities Space Research Association wanted to establish a permanent headquarters in this community and have a central location between Washington and Baltimore."
Another reason it decided to purchase its new corporate office was to take advantage of bond financing, she also says.
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