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BETHESDA-A longtime tenant of the 712,000-sf, multi-structure Air Rights Center has decided to renew and expand its lease in the complex’s 375,000-sf office/retail building at 4550 Montgomery Ave. Mutual fund company Calvert Shareholders Service Inc. opted to expand to a total of about 56,000 sf on the 10 and 12th floors of the 23-year-old structure.

Clavert’s lease renewal came early, as its original lease was not scheduled to expire until December of 2005. While the terms of the lease have not been disclosed, space in the building goes for $30 to $33 per sf.

“The renewal and expansion of the Calvert lease is indicative of the ownership’s strong commitment to its existing tenant base,” says Spaulding & Slye Colliers vice president Bernie McCarthy, who represented building owner Bethesda ARC LLC in the transaction. “Tenants, while initially attracted to the building’s many amenities and location, remain because of the excellent on-site property management and the ownership’s dedication to its existing tenants.”

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