New Leases Bring Patrick Center to Nearly Fully Leased

FREDERICK, MD—Two recent lease deals totaling approximately 25,000 square feet have raised the occupancy rate at the Patrick Center office building here to 95%.

The 66,269-square-foot seven-story Class A office building was acquired by West End Capital in April 2014. West End Capital subsequently partnered with locally-based Matan Companies on the project. At the time of the purchase, the property was approximately 70% leased.

Matan Cos. reports that it struck a renewal and expansion lease deal with Miles and Stockbridge. The transaction involved a renewal of the firm's current lease on the sixth floor and an expansion into approximately two-thirds of the fifth floor, bringing its total leased space to about 15,500 square feet.

Nearly simultaneous with the conclusion of that transaction, PNC signed a lease for the entire second floor of the building for approximately 9,500 square feet. PNC will locate some retail and business banking personnel, along with its Wealth Management group in the building, Matan Cos. states.

“These recent successes only further validate the iconic value of the Patrick Center as Frederick's legal and financial hub. Our partnership with the West End Capital team was invaluable to the effort, as was the vision and hard work from each of these fine tenants and their teams,” says Brad Benna of the Matan Cos., who handles the leasing of the project. “West End is an exciting group on the rise, and their understanding of all aspects of the market and industry, not to mention what was vital to these important tenants, made execution of my job easy.”

Matan's current portfolio consists of more than 5 million square feet of office/industrial assets, with three million square feet in the development pipeline, several active residential developments, and a separate portfolio of multi-family assets.