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SPARKS, MD-Like most portfolio operators these days, Philadelphia-based BPG Properties is thanking its lucky stars for tenants that renew. Speaking of the DC area portfolio, “We are seeing a lot of activity right now and the bottom line is most tenants are renewing where they are in place,” Roy Perry, senior vice president of BPG, tells GlobeSt.com. Finding new tenants, for obvious reasons, is not easy in this market. “Your building either has to offer new and very desirable location or high end amenities and then you still have to price the transaction aggressively to entice them to move from where they are.”

Nonetheless, BPG is closing in on several new tenant leases in the greater Washington area, he said. One 46,000 square foot deal is close to signing, according to Perry. Also, “we’ve executed a fair amount of letter of intents in the Washington area–approximately 125,000 square feet.” Perry declines to discuss more specifics other than to say the company is being competitive in all aspects of the lease including rent. “We are meeting the market–but we are not under cutting it.”

Much of the deals, though, remain renewals–and in some cases, consolidations. BPG recently inked a local deal that was both.It renewed full building tenant–Fundamental Administrative Services–at 920 Ridgebrook Rd., a 94,071-square-foot, three-story class A office building, located within Tower Point at The Highlands. This is a three building office campus located off the Shawan Road Exit of Interstate 83, near Hunt Valley Towne Centre here.

The lease was a consolidation for Fundamental, which combined operations from two buildings into one. The consolidation will leave 930 Ridgebrook Rd.–a 72,406-square-foot, three-story office building–available for lease. Fundamental was represented by Richie Blue of Blue & Obrecht Realty; the landlord was represented by Hayes Merkert, Athan Sunderland and Danielle Schline of Preston Partners.

BPG acquired the three-building, 221,234-square-foot office campus in Q1 2005 on behalf of BPG Investment Partnership VI, L.P.–a $384-million private equity fund. Since the acquisition, the firm sold 910 Ridgebrook Rd., a 56,000-square-foot office building, and has obtained municipal approvals to develop up to 103,000 square feet of additional office space at a newly entitled site adjacent to the existing buildings.

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