ANNAPOLIS JUNCTION, MD-Northrop Grumman Corp. has decided to stake its claim to an entire building in the National Business Park, a 175-acre mixed-use business community that will ultimately contain nearly three million sf of space. The government contractor signed a lease to occupy the 104,000-sf structure that is under construction at 2691 Technology Dr.

Financial terms of the long-term lease agreement with property owner and developer Corporate Office Properties Trust have not been disclosed. However, when the US General Services Administration leased a 120,000-sf building at the park in December a spokesperson for the company told GlobeSt.com that the market rate for class A office space in the western Anne Arundel County is in the mid-$20 range.

“We continue to experience strong demand for the National Business Park,” says Randall M. Griffin, COPT president and COO. Northrop Grumman’s new home at the park–which is located at the intersection of the Baltimore-Washington Parkway and Route 32–is scheduled to reach completion this month. The building is part of the park’s 1.5-million-sf Phase I; Phase II will add an additional 1.3 million sf. National Business Park’s completed buildings all 100% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.