X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANTILLY, VA-Advance Realty is signing on six new tenants in Virginia and Maryland totaling 130,852-square-feet, David Fisher, senior vice president and regional managing director of Advance’s Washington, DC, region, tells GlobeSt.com in an exclusive interview. The deals were not totally immune to the recession and credit crunch; these transactions closed at rates that ranged between $24 per square foot to $27 per square foot, grow, full service, Fisher says. “Asking rates were somewhat higher.” Also, the company almost lost the largest transaction–one that eventually totaled 88,273 square feet–until the company offered the tenant a “creative structure”, Fisher says. “We won that deal, then lost it in mid-September when the world imploded, then won it again,” he says.

That company, Intersections, Inc., had originally signed a letter of intent for about 120,000 square feet. Eventually it opted to scale down its footprint to 88,273 square feet, occupying 69,564 square feet at 3901 Stonecroft Blvd. and 18,709 square feet at 14700 Avion Pkwy., both of which are located in the Avion Business Park. Terry Reiley and Carter Byrnes of CB Richard Ellis represented Advance Realty, and Henry Chapman, also of CB Richard Ellis, represented Intersections.

In Maryland, Advance Realty is signing five tenants to long-term leases totaling 42,579 square feet at several buildings within the company’s Metro East Business Campus in Landover. Optimal Solutions & Technologies is signing a new 11,456-square-foot lease at 8400 Corporate Dr.

The other tenants were renewals or expansions: L-3 Services, inked a lease for 10,616 square feet at 8400 Corporate Dr.; L-Soft International, for 9,928 square feet at 8100 Corporate Dr; Science Applications International Corp. is taking 8,056 square feet at 8400 Corporate Dr.; Essential Therapeutics is expanding to 2,523 square feet from 1,828 square feet at 8100 Professional Pl.

In these transactions, Will Pace of the John Akridge Management Co. represented OST, and Rob Pugh of Edge Commercial represented Advance Realty; John Kerr of CB Richard Ellis represented L-3; Jon Olmstead of Cresa Partners represented L-Soft; and Pete Briskman of Jones Lang LaSalle represented SAIC.These leases plugged an 80,000 square foot vacancy by Merkle more than a year ago, which left 8400 Corporate Dr. to move to a 130,000-square-foot build-to-suit facility in Columbia, MD.

Now Advance’s DC portfolio is occupied at slightly under 90%, Fisher says. The company has four or five deals pending right now, he adds, with an aggregate of 50,000 square feet nearing the letter of intent stage.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.