ROCKVILLE, MD—The China-based Greencourt Group will begin the spec development of a 100,000-square foot office and data center here on a spec basis in May. The numbers and timing pencil in quite well, CBRE Vice President Andrew Cole tells GlobeSt.com.
CBRE has been retained as exclusive leasing representative for the three-story Greencourt Building, which will be located at 12358 Parklawn Dr.
The company and CBRE are feeling very bullish that this is the right strategy for this submarket, Cole says. For starters, this will the only spec opportunity outside of the Beltway in a long time, he says. Also the building itself will be very unique for this area. "It will be the type of building you might expect in a tech-heavy market such as San Francisco or New York."
"This space will be designed to be collaborative, around the idea of encouraging people to work together," Cole says. There is untapped demand for such space in Montgomery County because of its heavy concentration of IT healthcare related firms.
Asking rates, although not yet firm, will likely be in the $36 per square foot to $38 per square foot range and there will be free parking as well.
Greencourt will probably occupy a small portion of the building but the rest will be available for lease.
Greencourt Group acquired the property in 2012 as part of its purchase of a portfolio of four split-level industrial assets on Parklawn Drive and Wilkins Avenue.
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