ROCKVILLE, MD-A big chunk of space has been spoken for at Park Plaza I, putting a small, but much-needed dent in the Rockville office market surplus. Northrop Grumman Information Technology has staked its claim to 52,000 sf in the 130,000-sf office building. The deal marks one of the largest leasing agreements in the North Rockville area in the last year, where the vacancy rate, not including sublet space, is 10.4%, according to Advantis Real Estate Services Co.’s First Quarter 2004 Office Report.

“This lease is a sign of the momentum that is beginning to build in this area,” says CB Richard Ellis first vice president David Machlin. CBRE represented property owner, the Estate of James Campbell, Hawaii in the deal. “Large blocks of quality space are beginning to diminish as the economic recovery continues to progress.” Financial terms of Northrop’s lease have not been disclosed; however, Advantis records the average rent for class A office space in the area at $26.25 per sf.

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