Holy Cross Health Takes 54,449 SF at CBP; More Deals Expected

SILVER SPRING, MD-American Realty Capital Properties is moving swiftly to recoup the loss of Choice Hotels six months ago from Colesville Business Park. The company has signed a lease with Holy Cross Health to occupy 54,449 square feet in Building I, located at 10720 Columbia Pike.  In addition, CBRE Vice President Andy Cole tells GlobeSt.com, a local spa is getting ready to ink space for 7,500 square feet, which will serve as another amenity for tenants. In general interest is very high in the building, he adds. "We probably have another 100,000 square feet of LOI proposals now."

That said, the American Realty is just at the beginning of the process of replacing the loss of Choice Hotels, which relocated to Rockville. Holy Cross Health, which is moving into its space in the second quarter, represents 25% absorption of the property; the remaining two available buildings have available 163,000 square feet. Cole notes there are short term tenants in the other two buildings, with which they are trying to negotiate longer term leases, but they are largely empty. Asking rates for the complex are $25 per square feet.

American Realty Capital Properties has invested some $10 million in renovations that included a new conference center and café. CBRE's Larry Thau collaborated with Cole in representing the property owners, a subsidiary of American Realty Capital Properties.