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WASHINGTON, DC-Advance Realty Group is 1.6% away from reaching fully occupancy in its Washington, DC portfolio, David Fisher, SVP and regional managing director of Advance’s Washington, DC region, tells GlobeSt.com in an exclusive interview. Advance Realty Group owns in excess of 1.5 million sf of space in the District, Northern Virginia and suburban Maryland. “Considering that on average the vacancy rate in the area is 10%, we think 1.6% or less is a great reason to celebrate,” he says.

Two recently inked leases have pushed the company close to the finish line: Quantum Corp. has leased 4,511 sf at 4500 Forbes Blvd. in Lanham, MD, which it will occupy next month. The lobby was recently renovated in the 64,842-sf, four-story, class A office property.

In Vienna, VA, Merlin International Inc. is adding an additional 4,631 sf to the space it already leases at 8381 Old Courthouse Rd., bringing its total occupancy to 19,391 sf. The property is a 47,277-sf, class A building located near the intersection of Route 123 and Route 7.

Both of these assets are now at 100% occupancy. CB Richard Ellis represented Advance Realty Group in both deals.

When Advance Realty hits zero vacancy it will turn its attention to pending lease expirations in 2008. Also, Fisher says the company hopes to do more acquisitions in the area. “We know how to do repositions very well–this is a strategy we have deployed to great effect in the past.” For example, the company has renovated a number of buildings in its portfolio that were built in the mid-1980s, and then re-leased them.

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