The project, called GATE, Government and Technology Enterpriseproject, is a two-million-sf office, R&D and technologybusiness park for the government and private sector. It is thefirst multi-phase enhanced use leasing project that allows the Armyto lease under utilized property to the private sector, TimHutchens, executive vice president with CB Richard Ellis, tellsGlobeSt.com.
Prior projects have been single-phase development orredevelopments of facilities, he says. "This agreement will set thestage for multi-phase projects in the future."
CBRE was selected to run marketing and leasing services for theGATE project about a year ago, but the company could not sign anyleases until this agreement was completed, Hutchens explains. Opusplans to start construction on the first buildings no later thanthe first quarter of 2007.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
